Symbotic, a robotics and automation startup company, which is backed by Walmart WMT, said on Monday it is going public via a blank check merger with SoftBank Group, valuing it at $5.5 billion.
This deal will be conducted with SVF 3, which went public in March and raised $320 million. The blank check merger also includes $205 million in private investment from a group of investors, including Walmart. The investors will receive equity in this newly formed company.
After the deal is completed, Symbotic will have a pro-forma enterprise value of $4.8 billion and gross proceeds of $725 million.
Symbotic is a Wilimington, Massachusetts-based company that uses artificial intelligence in its software so that mobile robots in distribution centers can work faster and reduce damage.
The company’s software is used by 1,400 stores in 16 states and in eight Canadian provinces. Its customers are in the grocery, retail and wholesale industries and include Albertsons ACI, C&S Wholesale Grocers and Walmart.
The deal is expected to close in 2022 and will trade under the symbol “SYM” on the Nasdaq.
SVF 3 had been seeking a new merger partner after its plans with Mapbox, a location data services company, reportedly fell apart.
SPACs are not operating companies and have been a popular strategy for companies to go public with conducting an IPO, the traditional method of offering a company’s shares to the public.
