Ouster, a manufacturer of high-resolution digital lidar sensors for the industrial automation, smart infrastructure, robotics, and automotive industries, and Colonnade Acquisition today announced their definitive merger agreement.
Collonade shares soared more than 46 percent in morning trading today, following the announcement.
The transaction is expected to provide up to $300 million in gross proceeds, including Colonnade’s $200 million held in trust and a $100 million fully committed common stock PIPE at $10 per share, with participation from Ouster’s existing investors, Cox Enterprises, Fontinalis Partners, and WWJr Enterprises.
The combined business would have a pro forma implied enterprise value of approximately $1.6 billion and fully diluted pro forma equity value of about $1.9 billion.
Upon closing, the combined company will operate as Ouster and is expected to remain listed on the NYSE under OUST. Read more.
