Textile trading business AIRE signs $1 billion SPAC deal
Textile trading business AIRE signs $1 billion SPAC deal Sept 28 (Reuters) - Textile trading business AIRE said on Monday it would go public in the US through a merger with blank-check firm OceanLight Acquisition OCLT.O.
Here are some details:
The deal values the home textile and green sleep technology company at $1 billion, and comes as special purpose acquisition companies — an alternative route to public markets — are making a comeback in the US after years of subdued activity.
A SPAC is a shell company that raises capital through an initial public offering and then uses the funds to merge with or acquire a private company, taking it public without a traditional IPO.
Chain Stone Capital and Torres & Zheng at Law advised AIRE, while Celine and Partners advised OceanLight.
Separately on Monday, defense tech firm REDLattice and satellite firm Astro Digital also unveiled plans to go public in the US through deals with blank-check firms.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
((ArasuKannagi.Basil@thomsonreuters.com;))