Berkshire Grey, a developer of integrated artificial intelligence and robotic solutions for e-commerce, retail replenishment, and logistics, February 24 entered into a definitive agreement with Revolution Acceleration Acquisition Corp (“RAAC”), a special purpose acquisition company, to create a leading publicly listed robotics and automation solutions company with a post-transaction equity value of up to $2.7 billion, as it was informed by Berkshire.
The transaction is expected to provide up to $413 million in cash proceeds, including a fully committed PIPE of $165 million, with current BG shareholders Khosla Ventures, New Enterprise Associates, Canaan Partners and SoftBank Group Corp. rolling 100% of their equity into the combined company.
The transaction, which has been unanimously approved by RAAC’s Board of Directors and BG’s Board of Directors, is expected to close during the second quarter of 2021.
Credit Suisse Securities (USA) LLC is serving as exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to BG. J.P. Morgan Securities LLC , Skadden, Arps, Slate, Meagher & Flom LLP acted and Paul, Weiss, Rifkind, Wharton & Garrison LLP were serving as advisors to RAAC.
Founded in 2013, BG is a pure-play robotics company offering fully integrated, AI-based software and hardware solutions to automate business operations in warehouses and logistics fulfillment centers. Berkshire Grey customers include Global 100 retailers and logistics service providers.
Revolution Acceleration Acquisition Corp focuses on value creation opportunities at the forefront of rapid technological innovation and economic growth.