Corporate transportation firm Gett takes $1 bln SPAC deal route to go public

Spectral AI

10/11/2021 14:33

Nov 10 (Reuters) - Corporate transportation company GT
Gettaxi Ltd (Gett) will go public by merging with a blank-check
firm in a deal valued at $1 billion, the companies said on
Wednesday.
    Gett offers corporate fleets, ride-hailing services and
taxis on its platform to customers such as private equity firm
Silver Lake Partners, Singapore state investor Temasek and
online travel portal Expedia  EXPE.O .
    The deal with Rosecliff Acquisition Corp I  RCLF.O  will
provide it with proceeds of about $253 million from the
special-purpose acquisition company's (SPAC) trust account and
another $30 million from private placement in public equity
(PIPE).
    SPACs are companies that are listed on exchanges but have no
business operations. They use the pool of capital raised through
an initial public offering to merge with a privately held
company, in a deal that then takes it public.
    London-based Gett said it intends to use the funds from the
merger to expand its presence in the United States and other key
global markets. 
    The company will list on the Nasdaq under the ticker symbol
"GETT" after the deal closes, which is expected in the first
half of 2022. 


    

 (Reporting by Manya Saini in Bengaluru; Editing by Aditya Soni)
 ((Manya.Saini@thomsonreuters.com;))