Barkbox and Northern Star Acquisition today announced that they have entered into a definitive merger agreement, which would give the company an enterprise value of approximately $1.6 billion, including debt. Barkbox would list on the NYSE under “BARK”.
The company’s products include a monthly subscription service for dog treats and toys, as well as a range of pet products sold nationally at retail stores.
The combined company expects to receive up to $454 million in cash at closing, assuming no redemptions of Northern Star’s public stockholders, including an upsized fully-committed $200 million PIPE led by Fidelity Management & Research Company, Senator Investment Group, the Federated Hermes Kaufmann Funds, and affiliates of the Santo Domingo Group, among other institutional investors. All Barkbox shareholders and management would retain 100% of their equity in the combined company. Read more.
