SoftBank -backed robotics firm Berkshire Grey said on Wednesday it has agreed to go public through a merger with a blank-check firm in a deal that values the combined company at $2.7 billion. The deal is expected to provide Berkshire Grey about $413 million in cash, as the maker of logistics automation systems looks to take advantage of a surge in online shopping amid the COVID-19 pandemic. Current investors of Berkshire Grey, including venture capital firm Khosla Ventures, SoftBank Group Corp, Canaan Partners and New Enterprise Associates will be rolling their full equity stake into the combined entity. Berkshire Grey will merge with blank check firm Revolution Acceleration Acquisition Corp and trade on the Nasdaq after the deal closes. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC served as exclusive financial advisers to Berkshire Grey and Revolution, respectively.

Source: Mint February 24, 2021 12:00 UTC