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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