Southland Holdings and Legato Merger II completed their business combination. The post-merger company will operate as Southland Holdings and is expected to trade under SLND and SLNDW.
Southland provides specialized infrastructure construction services across North America including bridges, tunneling, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipeline end markets. Southland is headquartered in Grapevine, Texas.
At deal announcement in May, the merged company was expected to have an implied pro forma enterprise value of $810 million. Southland’s shareholders were to receive up to $498 million in cash and stock. The transaction was expected to add $220 million of cash to Southland’s balance sheet (without taking into account any redemptions of Legato public shares).
However, Legato II shareholders redeemed nearly 92% of the stock, leaving $23.6 million in trust. There was no PIPE on the deal, but no minimum cash condition to close, either. Read more.
