Blue Nile will return to the public markets via SPAC
Blue Nile, a Seattle-based online retail of diamonds and jewelry, agreed to go public at an implied $683 million enterprise valuation via a blank check company called Mudrick Capital Acquisition Corp. II.
Why it matters: The SPAC market was poised to suffer its first week without a new merger since early January, before this announcement arrived at 5:40pm ET on Friday.
Details: The merger would include an $80m PIPE from the private equity firms that took Blue Nile private in 2017 for around $500m: Bain Capital, Bow Street and Adama Partners. It also includes $50 million of new preferred equity from the SPAC sponsor, Mudrick Capital.
The bottom line: Blue Nile is a dotcom-era retailer, and one of the few still alive, founded in 1999 to change how consumers bought diamond engagement rings. It first went public in 2004.