Saving and investing app Acorns Grow announced today it plans to combine with Pioneer Merger. The new company will have an expected pro forma fully-diluted equity value of approximately $2.2 billion, assuming no redemptions.
Institutional investors including Wellington Management, TPG and funds and accounts managed by BlackRock have committed to an oversubscribed, upsized PIPE; the combined company is expected to have a cash balance of over $450 million at closing.
The transaction is expected to close in the second half of 2021, pending regulatory and shareholder approvals. Upon completion, the company will operate as Acorns Holdings and is expected to trade under OAKS on the Nasdaq. Read more.
