A Place for Rover, billed as the world’s largest network of five-star pet sitters and dog walkers, has entered into a definitive business combination agreement with Nebula Caravel Acquisition. Upon closing of the transaction, Caravel will be renamed Rover Group and remain Nasdaq-listed under ROVR.
The transaction values the combined company at an enterprise value of $1.35 billion and is expected to provide approximately $325 million in gross cash proceeds to the company.
As part of the transaction, additional investors have committed to participate through a $50 million PIPE of common stock.
Nebula Caravel is sponsored by True Wind Capital.
The deal is expected to close in the first half of 2021, pending shareholder approval. Read more.
