BlackSky and Osprey signed merger agreement

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AK&M 20 February 2021 10:43

BlackSky Holdings, Inc., a leading provider of real-time geospatial intelligence and global monitoring services, and Osprey Technology Acquisition Corp., a special purpose acquisition company, February 18 entered into a definitive agreement for a business combination that would result in BlackSky becoming a publicly listed company and listed on the NYSE, as it was informed by BlackSky.

Pursuant to the transaction, Osprey, which currently holds approximately $318 million in trust, will combine with BlackSky at an estimated pro forma enterprise value of $1.1 billion. BlackSky’s existing shareholders will hold approximately 62.6% of common stock immediately following the closing of the business combination.

The combined company expects to receive approximately $450 million in net proceeds.

The transaction has been unanimously approved by the Boards of Directors of both companies, and is subject to the satisfaction of customary closing conditions, including the approval of Osprey’s shareholders. The transaction is expected to close in July 2021.

Credit Suisse Securities (USA) LLC and PJT Partners LP are financial advisors of BlackSky; Wilson Sonsini Goodrich & Rosati, P.C. being its legal advisor. Moelis & Company LLC, Union Square Advisors LLC and Skadden, Arps, Slate, Meagher & Flom LLP are advisers to Osprey.

BlackSky founded in 2014 is a leading provider of real-time geospatial intelligence. BlackSky has developed a fully integrated proprietary technology stack that includes a constellation of high-resolution small satellites that monitor global events and activities at high revisit rates. BlackSky has also established a vertically integrated small satellite design and production capability through its LeoStella joint venture with Thales Alenia Space. BlackSky has five satellites in commercial operation and is scheduled to add an additional nine satellites to its constellation in 2021.

Osprey is a special purpose acquisition corp., or SPAC, that was established as a collaboration between investment firms HEPCO Capital Management and JANA Partners. Osprey was formed to consummate a transaction with one or more transformative companies that have developed innovative software delivery platforms.