Brief: Renew Power To Go Public Through Business Combination With RMG Acquisition Corporation II In $8 Bln Deal

ReNew Energy Global

24/02/2021 11:35

Feb 24 (Reuters) - Rmg Acquisition Corporation II  RMGB.O :
    * RENEW POWER, INDIA’S LEADING RENEWABLE ENERGY COMPANY, TO
PUBLICLY LIST THROUGH BUSINESS COMBINATION WITH RMG ACQUISITION
CORPORATION II IN $8 BILLION TRANSACTION
    * RMG ACQUISITION CORPORATION II - PRO FORMA CONSOLIDATED &
FULLY
DILUTED ENTERPRISE VALUE OF APPROXIMATELY $8 BILLION
    * RMG ACQUISITION CORPORATION II  - TOTAL ANTICIPATED
PROCEEDS OF
$1.2 BILLION FROM RENEW POWER DEAL
    * RMG ACQUISITION CORPORATION II - ANTICIPATED NET PRIMARY
PROCEEDS OF APPROXIMATELY $610 MILLION FROM DEAL
    * RMG ACQUISITION CORPORATION II - $855 MILLION, UPSIZED,
FULLY-COMMITTED PRIVATE PLACEMENT OF COMMON STOCK IN RENEW POWER
    * RMG ACQUISITION CORPORATION II - UPON CLOSING, COMBINED
ENTITY
IS EXPECTED TO BE LISTED ON NASDAQ UNDER NEW TICKER SYMBOL "RNW"
    * RMG ACQUISITION CORPORATION II - RENEW CURRENTLY HAS AN
AGGREGATE CAPACITY OF CLOSE TO 10 GW
    * RMG ACQUISITION CORPORATION - UPSIZED PIPE ANCHORED BY
INSTITUTIONAL INVESTORS INCLUDING FUNDS MANAGED BY BLACKROCK,
CHAMATH PALIHAPITIYA
    * RMG ACQUISITION CORPORATION II - RENEW'S LEADERSHIP WILL
REMAIN
INTACT, WITH SUMANT SINHA AS CHAIRMAN & CEO OF COMBINED CO
    * RMG ACQUISITION CORPORATION II - BOB MANCINI WILL BE
APPOINTEE
FROM RMG II TO COMBINED CO'S BOARD

Source text for Eikon:  ID:nBwsx59ja 
Further company coverage:  RMGB.O 

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