Owlet Baby Care and Sandbridge Acquisition announced today that they have entered into a definitive merger agreement. Upon completion, the combined company’s securities are expected to trade on the NYSE under OWLT.
The deal values the combined enterprise at $1.074 billion, with the company expected to have $325 million in cash at closing.
Owlet unites technology with infant care through monitoring products that enable parents to track a baby’s heart rate, oxygen levels and sleep patterns with connections to digital cameras and smart phone apps.
Terms of the deal call include the $230 million of cash held in Sandbridge’s trust account and a $130 million concurrent PIPE of common stock, priced at $10 per share. PIPE participants include funds managed by Fidelity Management & Research, Janus Henderson Investors, Neuberger Berman Funds, OrbiMed, private funds affiliated with PIMCO, and Wasatch Global Investors.
Owlet’s current management and existing equity holders, as well as leading institutional backers, intend to roll nearly 100 percent of their equity into the combined company. Read more.
