Leo Holdings III Corp Takes Local Bounti Public in $1.1B SPAC Deal

June 18, 2021

Local Bounti Corporation entered into a definitive merger agreement with Leo Holdings III Corp (NYSE: LIII) to go public via a SPAC transaction valued at approximately $1.1 billion (pro forma equity value, assuming no redemptions). The deal includes up to $400 million in gross proceeds, featuring a $125 million fully committed PIPE anchored by Fidelity Management & Research Company and BNP Paribas Asset Management Ecosystem Restoration Fund, along with strategic investments from Cargill and Gulf Energy Development CEO Sarath Ratanavadi.

Buyers
Leo Holdings III Corp
Targets
Local Bounti Corporation
Industry
Agriculture
Location
Montana, United States
Transaction Type
Buyout

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