World View, a company engaged in stratospheric exploration and flight, today announced a merger agreement with Leo Holdings II at an estimated enterprise value of $350 million.
World View is a Tucson, AZ-based developer of surveillance balloons equipped with remote sensing via the stratosphere, delivering data not available with traditional satellite imaging or fixed-wing aircraft monitoring.
Terms call for World View to receive up to $121 million in gross proceeds, assuming no SPAC shareholder redemptions and after giving effect to a proposed transaction financing contemplated to be raised by both of the parties with target proceeds of $75 million.
More than 120 stratospheric flights and 10,275,000 vertical feet flown, World View has provided remote sensing services to leading government and commercial organizations, including NASA, NOAA, United States Department of Defense, United States Air Force, Sierra Nevada Corporation, Raytheon Technologies, Southwest Research Institute and many others, according to a press release. Read more.
