Benson Hill, a food technology company unlocking the genetic diversity of plants, announced today that it will merge with Star Peak II.
Pending shareholder approval, Benson Hill will have a pro forma enterprise value of approximately $1.35 billion, assuming no redemptions by Star Peak shareholders. The transaction will provide approximately $625 million in gross proceeds to the company, including an oversubscribed and upsized $225 million fully committed PIPE at $10 per share. PIPE investors include funds and accounts managed byBlackRock, Van Eck Associates Corporation, Hedosophia, Lazard Asset Management, Post Holdings, existing Benson Hill investors and affiliates of Star Peak.
Benson Hill’s existing shareholders will convert 100 percent of their ownership stakes into the new company.
The deal is expected to close in the third quarter. Upon closing, Benson Hill would list on the NYSE under BHIL. Read more.
