Founded in 2012, the Arizona-based World View is said to have provided remote sensing services to various government and commercial organisations
World View to merge with Leo in $350m SPAC deal. (Credit: StockSnap from Pixabay)
World View, an American near space exploration and technology company, has agreed to merge with special purpose acquisition company (SPAC) Leo in a deal that values the combined company at a pro forma enterprise value of $350m.
The deal with the SPAC will enable World View to become a publicly listed company.
As part of the deal, World View expects to get up to $121m in gross proceeds, assuming no redemption by Leo’s shareholders.
Besides, the companies anticipate to raise target proceeds of $75m after giving effect to a proposed transaction financing.
The funds are expected to be utilised to expand World View’s global remote sensing business into new markets and industries.
Besides, World View expects to advance its next-generation capabilities, including space tourism, research, and education businesses.
World View president and CEO Ryan Hartman said: “Today’s announcement represents a major milestone in World View’s business model. We exist to inspire, create and explore new perspectives for a radically improved future.
“This merger with Leo allows us to scale our demonstrated expertise and strong foundation of strategic partnerships to meet the growing market demand for data and analytics from the stratosphere.”
Founded in 2012, the Arizona-based World View is said to have delivered remote sensing services to various government and commercial organisations.
Its clients include the United States Department of Defense, NASA, NOAA, United States Air Force, Sierra Nevada Corporation, Southwest Research Institute, Raytheon Technologies, and others.
Leo president and CEO Lyndon Lea said: “World View is already a leader in the burgeoning stratospheric economy, with notable mission successes across several key strategic partners and critical patent-protected technologies.
“Combining World View’s proven business model and mission-driven vision for the future with the institutional knowledge of the Leo team, we are excited and confident in World View’s ability to scale its global reach across its commercial and government offerings.”
Subject to the approval of World View’s stockholders and the shareholders of Leo and other conditions, the deal is anticipated to close in Q2 2023.