NavSight SPAC Chooses To Buy Spire Global Sat-Based Analysis Provider
Spire Global, a Luxembourg-registered nanosatellite operator for cloud-enabled data analytics, will become a publicly traded company after a reverse-merger with a special purpose acquisition company (SPAC) that has been hunting for aerospace and defense targets, NavSight Holdings. Terms of the deal–which includes $245 million from an accompanying investment round by Tiger Global Management, BlackRock, Hedosophia, the Jaws Estate Capital, and Bloom Tree Partners–should leave Spire with $475 million in cash and a pro forma equity valuation of around $1.6 billion, representatives said. The deal, announced March 1, is expected to close this summer. Credit: Spire Global