Balloon Surveillance Startup World View Nears Merger With Leo SPAC | Technoscoob
(Bloomberg) — World View, which focuses on distant sensing and stratospheric surveillance, has agreed to go public by way of a merger with a blank-check agency, in response to individuals with data of the matter.
The cope with Leo Holdings Corp. II is ready to worth the mixed entity at about $350 million, which features a potential $75 million non-public funding in public fairness, or PIPE, stated the individuals, who requested to not be recognized discussing confidential data. A transaction may very well be introduced as quickly as Thursday, they stated.
Representatives for World View and the Leo particular goal acquisition firm declined to remark.
Tucson, Arizona-based World View, led by CEO Ryan Hartman, stated in November it could associate with Sierra Nevada Corp. to function balloon platforms for intelligence, surveillance and reconnaissance.
Earlier that month, the corporate stated it was teaming up with Scepter Inc. to assemble knowledge on methane emissions and uncover potential leaks from oil and fuel manufacturing within the Permian Basin of Texas. An preliminary balloon was set to cowl ExxonMobil operations whereas a second is ready to cowl oil fields operated by Chevron, Occidental, Pioneer and others.
Along with its remote-sensing enterprise, World View has begun promoting six-to-eight hour journeys at $50,000 a seat by way of its house tourism operation, in response to its web site. It has raised funding from Accel, Canaan and Norwest Enterprise Companions, amongst different traders.
The Leo SPAC, led by Lion Capital executives together with Ed Forst, Lyndon Lea and Robert Darwent, raised $375 million in a January 2021 preliminary public providing. One other Leo SPAC took Native Bounti Corp. public in 2021.
©2023 Bloomberg L.P.