Brivo, which designs and manufactures cloud-based access control and smart building technologies, plans to merge with Crown PropTech Acquisitions, the comapnies announced today.
The transaction values the combined company at a pro forma enterprise value of $808 million.
If approved, upon closing Brivo stock is expected to list under BRVS, although the news release did not say on which exchange. Crown Proptech trades on the NYSE.
The merger will enable Brivo to leverage Crown’s experience and relationships as an owner and operator of commercial real estate to accelerate market expansion, the companies said.
Golub Capital Credit Opportunities has agreed to lead $75 million in a convertible note to the combined company that will close concurrently with the business combination. Eagle Eye Networks is also a strategic investor in the PIPE. There is approximately $276 million in Crown’s trust account, subject to any redemptions.
Existing Brivo shareholders will roll over 100 percent of their equity, retaining 69 percent ownership in the pro forma company. Assuming no redemptions, Crown shareholders will own approximately 31 percent of the combined company. Read more.
