SoftBank to buy remaining stake in Berkshire Grey for $375 mln

Berkshire Grey

24/03/2023 21:46

** AI technology firm Berkshire Grey Inc's  BGRY.O  shares
up ~19% at $1.36 after market
    ** SoftBank Group Corp  9984.T  and its affiliate to buy
remaining stake it did not own in BGRY for $1.40 per share in an
all-cash transaction valued at about $375 mln
    ** SoftBank has been an investor in Berkshire Grey since
2019
    ** The agreement has been unanimously approved by BGRY's
board and represents a premium of about 23% to stock's closing
price of $1.14 on Friday
    ** The deal is expected to close in Q3 2023
    ** In February BGRY confirmed Softbank indicated an interest
in buying the company
    ** As of Friday's close, stock down ~70% in past 12 months

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com; Twitter: https://twitter.com/AnanyaMariam))