Axios Pro Exclusive Content

A-Rod's SPAC signs merger with phone service Lynk

headshot
Feb 6, 2024
 Former MLB player Alex Rodriguez commentates prior to Game One of the World Series between the Arizona Diamondbacks and the Texas Rangers at Globe Life Field on October 27, 2023 in Arlington, Texas.

Alex Rodriguez. Photo: Carmen Mandato/Getty Images

Alex Rodriguez's SPAC Slam Corp. signed a definitive agreement to acquire satellite phone service Lynk Global in an $800 million deal, the companies announced on Monday.

Why it matters: The SPAC has managed to stay afloat when most others have sunk in the last year.

Flashback: Slam raised $500 million in an IPO in February 2021. Sportico reported that the SPAC secured an extension in December to close a deal but must now pay $80,000 per month to shareholders to continue operating.

Details: Lynk said it provides cell phone coverage to hundreds of millions of subscribers in about 50 countries. It offers broadcast alerts and two-way SMS messaging and plans to add voice and mobile broadband services.

  • Lynk has engaged BTIG to raise additional capital that it will put toward more satellite production, design and operations, the press release said.
  • The deal awaits regulatory and shareholder approval. The companies said they expect the deal to close in the second half of 2024.
  • BTIG serves as capital markets adviser, JonesTrading Institutional Services as financial adviser and Goodwin Procter as legal counsel to Lynk. Kirkland & Ellis serves as legal counsel to Slam. DLA Piper LLP serves as legal counsel to BTIG.
Go deeper