Amazon-backed Owlet Baby Care has agreed to a reverse merger with special purpose acquisition company Sandbridge for a post-deal valuation of $1.39bn.
Owlet Baby Care, a US-based baby monitor producer backed by e-commerce firm Amazon, yesterday agreed to a reverse merger with special purpose acquisition company Sandbridge Acquisition Corp.
The transaction includes a $130m investment raised in a private placement from Fidelity, Janus Henderson Group, Neuberger Berman, OrbiMed Advisors and private funds affiliated with Pimco and Wasatch Global Investors.
Combined with $230m already held in trust by Sandbridge, the combined business’ post-transaction valuation is expected to reach nearly $1.39bn.
Owlet produces a…
