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