Queen’s Gambit Adds PIPE, FPA to Swvl Deal

Queen’s Gambit Growth Capital in an 8-K filing disclosed a new $100 million forward purchase agreement and $2 million in additional PIPE financing to support its merger deal with Swvl, a ride-sharing company based in Dubai. The deal has an implied equity value of $1.5 billion.

The FPA calls for new investor ACM ARRT VII B to buy up to 10 million shares from investors who elect to redeem their shares ahead of the merger vote.

The additional PIPE financing covers 200,000 shares for $2 million, which will be added to the $100 million PIPE agreement already in place.

As announced in July, the deal calls for gross proceeds of up to approximately $445 million to the combined public company, including the $100 million fully committed common share PIPE, led by global strategic and financial investors including Agility, Luxor Capital Group and Zain.

The SPAC raised $300 million in a January IPO. Read more.

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