TPB Acquisition I in a regulatory filing included an investor presentation highlighting its proposed merger with Lavoro Limited, a Brazil-based agricultural inputs retailer. The deal gives Lavoro an implied initial Enterprise Value of approximately $1.2 billion.
The transaction is still expected to close in the fourth quarter. If approved, Lavoro would trade on the Nasdaq under the ticker symbol LVRO, making it the first US-listed pure-play Latin American agricultural inputs retailer.
As announced in September, the transaction will be funded by up to $180 million from cash in the SPAC’s trust and $100 million that TPB intends to raise through a PIPE at $10 per share; $30 million in secondary proceeds to investment funds managed by Patria Group, the controlling shareholders of Lavoro, with $25 million in expected transaction fees and expenses. Read more.