CM Life Sciences II Inc. (CMIIU) Prices Upsized $240M IPO

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Trident Acquisitions Corp. (TDAC) to Combine with Lottery.com in $526M Deal

Trident (NASDAQ:TDAC) has entered into a definitive agreement to combine with Lottery.com at an enterprise value of $526 million, or 7.4x its 2021E revenue. Lottery.com allows users to play lottery games through a mobile app and also serves as a data provider for about 400 digital publishers. The combined entity is expected to trade on
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apex-clearing

Northern Star Investment Corp. II (NSTB) to Combine with Apex Clearing Holdings in $4.7Bn Deal

Feb 22, 2021 INTEL by Matt Cianci
Northern Star Investment Corp II (NYSE:NSTB) has entered into a definitive agreement to combine with Apex Clearing Holdings, “the FinTech for FinTechs”, at an enterprise value of $4.662 billion, or 11.2x its 2023E Revenue. Apex’s fast, secure and reliable digital custody and clearing platform, Apex Clearing, is driving transformation of the financial services industry. Apex
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NextGen Acquisition Corporation (NGAC) to Combine with Xos in $1.45Bn Deal

NextGen (NASDAQ:NGAC) has entered into a definitive agreement to combine with electric vehicle (EV) maker Xos at an enterprise value of $1.45 billion, or 0.5x its 2024E revenue. Xos makes electric medium and heavy trucks for commercial fleet clients with its first prototypes on the road and full-scale production expected to begin this year. The
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Fortress Value Acquisition Corp. II (FAII) to Combine with ATI Physical Therapy in $2.5Bn Deal

Fortress Value II (NYSE:FAII) has entered into a definitive agreement to combine with ATI Physical Therapy at an enterprise value of $2.5 billion, or 14x its 2022E EBITDA. ATI runs a network of 875 physical therapy clinics in 25 states, with about 41% of its business serving government clients or worker compensation care. The combined
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Starboard Value Acquisition Corp. (SVAC) to Combine with Cyxtera in $3.4Bn Deal

Starboard Value (NASDAQ:SVAC) has entered into a definitive agreement to combine with data center provider Cyxtera at an enterprise value of $3.4 billion, or 4.9x its 2020E revenue. Coral Gables, Florida-based Cyxtera provides retail data centers and interconnection services on three continents to about 2,300 clients. The combined entity is expected to trade under the
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SPAC risk

Risky Business: Protecting your de-SPAC Transaction

Feb 19, 2021 INTEL by Kristi Marvin

As merger and acquisition activity heats up, SPACs can use insurance to safeguard their investments against target liabilities that emerge following a de-SPAC transaction.

Mike Blankenship, Partner, Capital Markets, Winston Strawn
Andrew Pelzer, Practice Leader, Transaction Advisory Practice, NFP
Andrew Pendergast, SPAC Practice Leader, NFP


Protecting SPAC Investment

SPACs are completing IPOs at a record pace.

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East Stone Acquisition Corporation (ESSC) to Combine with JHD Holdings in $1Bn Deal

East Stone (NASDAQ:ESSC) has entered into a definitive agreement to combine with Chinese merchant payments platform JHD Holdings, for about $1 billion or 12.4x its 2020 revenue. JHD provides merchant, logistics and payments software to retail stores and banking customers in five Chinese provinces. The combined company is expected to be renamed JHD Technologies and
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