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…

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Thierry Heles

Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
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