Sandbridge Acquisition today filed a prelimnary proxy outlining its proposed business combination with Owlet Baby Care, a deal that would value the merged enterprise at $1 billion.
The proxy includes placeholders for the date and time of the shareholder vote.
The transaction includes the $230 million of cash held in trust by Sandbridge and a $130 million PIPE, with participation 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.
