Spartacus Acquisition filed an S-4 and preliminary proxy on its proposed merger with NextNav, a geo-location company that provides an alternative to GPS.
The agreement values the combined company at a pro forma implied enterprise value of $900 million and fully diluted pro forma equity value of $1.2 billion.
The deal is expected to provide approximately $408 million in gross proceeds, including a $205 million fully committed PIPE from Koch Strategic Platforms, funds managed by Fortress Investment Group, Ophir Asset Management, Woody Creek Capital Management and Quantlab Disruptive Technologies, Iridian Asset Management, and Spartacus Acquisition’s sponsor.
The combined company will be named NextNav, and its common stock and warrants will list on the Nasdaq under NN and NNW, respectively.
If approved, the deal is expected to close in the third quarter. A shareholder vote date was not included in the preliminary proxy. Read more.
