XPAC Acquisition in a regulatory filing today announced it has reached a merger agreement with Brazil-based SuperBac, a biotechnology firm. The deal is valued at $380 million. The acquisition has a closing equity value of about $317 million.
SuperBac manufactures biological products from bacteria for use in the agriculture, sanitation, and oil and gas sectors.
Upon completion of the business combination existing SuperBac shareholders are expected to own approximately 45% of the new company.
XPAC raised $200 million in an IPO last August. Read more.
