HeartFlow, a heart healthcare company, and Longview Acquisition II today announced a definitive business combination agreement that values the merged enterprise at a pro forma $2.4 billion.
If approved, HeartFlow would list on the NYSE under HFLO.
The transaction is expected to deliver up to $599 million of gross proceeds to HeartFlow from the $690 million cash in trust held by Longview. The funds will be used to accelerate growth as well as repurchase up to $110 million of equity from long-time shareholders and employees, representing approximately 5% pro forma shares outstanding. Any excess cash in trust will be distributed by Longview to its shareholders through a special dividend of up to $91 million immediately prior to closing. Pro forma for the business combination, legacy shareholders of HeartFlow and its employees will own approximately 73% of the new company.
HeartFlow technology uses artificial intelligence to create a personalized, three-dimensional model of the heart. By using this model, clinicians can better evaluate the impact a blockage has on blood flow and determine the best treatment for patients. Read more.
