Jeweller Blue Nile set to return to public market via SPAC deal
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ONLINE jewellery retailer Blue Nile agreed to go public again through a merger with a blank-check firm valuing the combined company at US$873 million.
The transaction with Mudrick Capital Acquisition Corp. II is expected to generate about US$450 million of capital before expenses, the companies said in a statement Friday (Jun 10).
The deal includes US$80 million of committed capital - about US$50 million of it pre-funded - from Bain Capital Private Equity, Bow Street, Adama Partners and Mudrick Capital. The deal also includes US$50 million in new preferred equity provided by Mudrick Capital, according to the statement.
The US873 million pro forma implied equity value of the combined company is based on the US$10.15 a share price of the private investment in public equity, assuming no redemptions by the SPAC’s stockholders.
The company, based in Bellevue, Washington, will be named Blue Nile and is expected to be listed on Nasdaq. The company will be led by the current management team, including Blue Nile Chief Executive Officer Sean Kell.
Blue Nile is returning to the public market after Bain and Bow Street agreed in 2016 to take it private in a US$500 million deal.
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The Mudrick SPAC raised US$316 million in its initial public offering in 2020, including so-called greenshoe shares. BLOOMBERG
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