Ingka Group-backed vertical farm operator Aerofarms is joining forces with a special purpose acquisition company at a $1.2bn post-transaction valuation.
Aerofarms, the US-based urban farm operator backed by Ingka Group, the parent company of furniture retailer Ikea, has agreed a reverse merger with special purpose acquisition company Spring Valley Acquisition Corp.
The transaction will involve Aerofarms taking the position on the Nasdaq Capital Market obtained by Spring Valley in a $200m initial public offering in October 2020.
The combined company is raising $125m in private investment in public equity financing from unnamed institutional investors and AeroFarms insiders as well…
