Digital healthcare group ETAO to go public via $2.5 bln SPAC deal (updated)

ETAO International Co

28/01/2022 13:22

(Adds transaction details)
    Jan 28 (Reuters) - Digital healthcare group ETAO
International Group said on Friday it will go public through a
merger with a blank-check firm, valuing it at about $2.5
billion. 
    The deal with Mountain Crest Acquisition Corp III  MCAE.O 
will provide the combined company with up to $304 million in
gross proceeds, including a $250 million private investment. 
    ETAO is involved in providing a range of healthcare
services, including hospital and primary care, health insurance,
pharmacy and telemedicine. 
    Funds from the deal will be used to improve healthcare
delivery amenities in its clinics and hospitals and also towards
its internet-based medical services, ETAO said. 
    The deal is expected to close in the summer, following which
the combined company will list on the New York Stock Exchange
under the trading symbol "ETAO". 

 (Reporting by Manya Saini and Sohini Podder in Bengaluru;
Editing by Krishna Chandra Eluri)
 ((Manya.Saini@thomsonreuters.com;))