EnOcean GmbH and Parabellum Acquisition today announced a business combination agreement.
If approved, at closing EnOcean Holdings, N.V. would list on the NYSE and trade under new ticker symbol SIOT (Sustainable IoT).
The target produces energy harvesting Internet-of-Things (“IoT”) devices and sensor-to-cloud solutions.
The business combination values EnOcean at an equity value of $120 million. The combined company will receive approximately $146.5 million from Parabellum’s trust account, assuming no redemptions, and up to $40 million in additional financing to be raised prior to closing.
EnOcean will continue to operate the business from its offices in Oberhaching, Germany.
The deal is expected to close in the first half of 2023. Read more.
