Wireless technology developer and internet service provider Starry and FirstMark Horizon Acquisition have entered a definitive merger agreement that values the combined enterpirse at $1.66 billion on a pro forma basis.
If approved, Starry will be listed on a national exchange under STRY.
Starry would receive $452 million in cash (assuming no SPAC redemptions), including $130 million from a fully committed PIPE and contemporaneous equity round in Starry that includes ArrowMark Partners, Atreides Management, Fidelity Management & Research Company, Tiger Global Management, and affiliates of FirstMark Capital. The transaction is also supported by important execution partners, including Quanta Services, that will help Starry continue its significant growth.
FirstMark Capital is an existing long-term investor in Starry and will retain a board seat, and 75% of the sponsor-held shares are subject to a performance-based earn-out and forfeiture of one million shares. Read more.
