Salem Radio Network News Sunday, December 5, 2021

Science

Walmart-backed Symbotic, SoftBank SPAC in talks for $4.5 billion merger – Sky News

(Reuters) – Walmart Inc-backed robotics and automation company Symbotic is in talks to merge with a blank-check vehicle backed by SoftBank Group Corp in a deal that would value the combined firm at $4.5 billion, Sky News reported on Monday.

An agreement with SVF Investment Corp 3 could be reached within weeks, the report said, citing an investor.

If the deal goes through, Walmart will participate in the Private Investment In Public Equity (PIPE) round of the deal, the report said.

SoftBank, Walmart and Symbotic did not immediately respond to Reuters requests for comment.

SVF 3, a special purpose acquisition company (SPAC) that raised $320 million in an IPO in March, was looking for a new merger partner after talks with location data services provider Mapbox reportedly collapsed.

The SPAC was earlier in talks to take Mapbox public in a $2 billion deal, Sky News reported in April.

(Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath)

Previous
Next

Editorial Cartoons

View More »

Gary Varvel
Wed, Nov 24, 2021

X CLOSE