2 months ago
Owlet Baby Care is bringing a data-driven connectivity platform to the nursery while simplifying life for parents
Combined company to have an implied initial enterprise value of approximately $1,074 million, with the company expected to have up to an estimated $325 million in cash after closing
Top-tier investors, including Fidelity Management & Research LLC, Janus Henderson Investors, Neuberger Berman Funds, OrbiMed, private funds affiliated with PIMCO, and Wasatch Global Investors, anchor fully committed PIPE of $130 million, which combines with $230 million of cash held in SPAC trust account to bring post-transaction equity value of the combined company to $1,389 million
Transaction enables deeper investment in expanding connected ecosystem and pursuing telehealth platform
Owlet Baby Care Inc, a maker of baby monitoring devices, will go public through a merger with a blank-check firm backed by private equity firm Sandbridge Capital, in a deal that values the equity of the combined entity at about $1.4 billion.
By Reuters Staff
2 Min Read
(Reuters) - Owlet Baby Care Inc, a maker of baby monitoring devices, will go public through a merger with a blank-check firm backed by private equity firm Sandbridge Capital, in a deal that values the equity of the combined entity at about $1.4 billion.
The deal includes a $130 million private investment anchored by Fidelity Management & Research LLC, Neuberger Berman Funds and funds affiliated with PIMCO and OrbiMed, among others, the companies said on Tuesday.
Sandbridge Acquisition Corporation, a special purpose acquisition company (SPAC), raised $200 million through an initial public offering last year.
Founded in 2012, Owlet’s flagship baby monitoring device, Owlet Smart Sock, uses pulse-oximetry technology to track the heart rate, oxygen levels and sleep patterns of babies.
(Bloomberg) Baby monitor maker Owlet Baby Care Inc. said it was going public through a merger with a blank-check company backed by private equity firm Sandbridge Capital.Lehi, Utah-based Owlet and Sandbridge Acquisition Corp. will have a combined value of $1.1 billion including debt after the deal is completed, according to a joint statement Tuesday that confirmed an earlier Bloomberg News report.The combined company also raised $130 million in a private placement to support the transaction. Investors in the private placement include Fidelity Management & Research Co., Janus Henderson Group Plc, Neuberger Berman, OrbiMed Advisors, plus private funds affiliated with Pimco and Wasatch Global Investors.Ken Suslow, the chairman and chief executive officer of the special purpose acquisition company, and Domenico De Sole, the chairman of menswear brand Tom Ford, will join the board after the merger.Founded in 2013, Owlet makes cameras and monitors that help parents track their infant&