The deal will enable the company to go public with a listing on Nasdaq
Satellogic to go public in $850m deal with CF Acquisition. (Credit: Free-Photos from Pixabay)
Nettar Group (Satellogic), a satellite data collection company, has agreed to merge with CF Acquisition Corp. V (CFAC V) in a deal that values the combined firm at $850m.
CFAC V is a special purpose acquisition company (SPAC), which is sponsored by Cantor Fitzgerald, a US-based financial services group.
The transaction will enable Satellogic to become a publicly listed company with trading on Nasdaq under the ticker symbol, SATL.
Established in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic is a vertically integrated geospatial analytics company that is said to drive real outcomes with planetary-scale insights.
The company is building a fully automated Earth observation platform that can remap the whole planet at high-frequency as well as high-resolution.
Presently, the satellite data collection company has 17 commercial satellites placed in orbit. These include four satellites that were launched in late June for providing high-resolution data to customers.
Each of the company’s satellites is said to gather nearly 300,000km2 of data per day apart from producing full-motion videos of up to a run time of two minutes.
By 2025, Satellogic expects to complete a constellation of more than 300 fully operating satellites.
Satellogic’s camera design is said to enable capturing 10 times more data from a single satellite compared to any other small Earth observation satellite.
Satellogic CEO Emiliano Kargieman said: “Since our founding, Satellogic has been committed to our mission of democratising access to geospatial data to help solve the world’s most pressing problems.
“Today’s transaction is a significant milestone and brings us one step closer to fulfilling that goal. The merger will allow us to continue building out our constellation of satellites and maintain our position as a global leader in sub-meter imagery.
“Satellogic is poised to be the only company capable of remapping the world daily at the sub-meter resolution necessary to address commercial applications affordably.”
The merger with the SPAC will provide the combined company with cash of around $274m, following transaction expenses and repayment of debt. Cash held in CFAC V’s trust will contribute up to $250m to the combined firm.
The deal is also being backed by a private investment in public equity (PIPE) of $100m from institutional investors such as SoftBank’s SBLA Advisers and Cantor Fitzgerald.
The closing of the deal is conditional on regulatory approvals and other customary closing conditions and is expected to occur early in Q4 2021.