Union Acquisition II scheduled a Sept. 22 meeting for shareholders to vote on its proposed merger with Procaps Group, a healthcare and pharmaceutical company. The SPAC’s definitive proxy statement on the deal has been filed with the SEC.
The combined company is valued at $1.1 billion.
If approved, Procap’s shares and redeemable warrants are expected to list on the Nasdaq under PROC and PROCW.
Announced in March, the $300 million cash transaction includes a $100 million PIPE raised from a broad group of Latin American investors, including pan-regional funds such as Compass Group and Moneda Asset Management, as well as Chilean-based Consorcio Seguros.
Procaps ordinary shares will be subject to a 6-month lock-up, post-merger.
Union II raised $175 million in a 2019 IPO. The SPAC is led by Chairman Juan Sartori, the chairman and founder of Union Group International Holdings, a privately owned investment and private equity management firm with strategic Latin American interests. Read more.
