Brief: Berkshire Grey Announces Business Combination With Revolution Acceleration Acquisition Corp

Berkshire Grey

24/02/2021 11:12

Feb 24 (Reuters) - Revolution Acceleration Acquisition Corp
 RAAC.O :
    * BERKSHIRE GREY, A LEADER IN AI-ENABLED ROBOTICS AND
AUTOMATION
SOLUTIONS, ANNOUNCES BUSINESS COMBINATION WITH REVOLUTION
ACCELERATION ACQUISITION CORP
    * REVOLUTION ACCELERATION ACQUISITION CORP - COMBINED
COMPANY TO
HAVE AN ESTIMATED POST-TRANSACTION EQUITY VALUE OF UP TO $2.7
BILLION
    * REVOLUTION ACCELERATION ACQUISITION CORP - TRANSACTION
EXPECTED
TO PROVIDE UP TO $413 MILLION IN CASH PROCEEDS
    * REVOLUTION ACCELERATION ACQUISITION - BERKSHIRE GREY
SHAREHOLDERS KHOSLA VENTURES, NEW ENTERPRISE, CANAAN PARTNERS,
SOFTBANK ROLLING 100% OF EQUITY
    * REVOLUTION ACCELERATION ACQUISITION CORP - BERKSHIRE GREY
EXPECTS TO HAVE $507 MILLION CASH
    * REVOLUTION ACCELERATION ACQUISITION CORP - BERKSHIRE GREY
EXPECTS TO HAVE NO DEBT ON ITS BALANCE SHEET FOLLOWING
COMBINATION
    * REVOLUTION ACCELERATION ACQUISITION - DEAL INCLUDES FULLY
COMMITTED PIPE OF $165 MILLION ANCHORED BY CHAMATH PALIHAPITIYA
& FUNDS MANAGED BY BLACKROCK
    * REVOLUTION ACCELERATION ACQUISITION CORP - JOHN DELANEY,
CEO OF
RAAC, WILL REMAIN ON BOARD OF DIRECTORS OF COMBINED COMPANY

Source text for Eikon:  ID:nBw3jCjFca 
Further company coverage:  RAAC.O 

 ((Reuters.Briefs@thomsonreuters.com;))