SPAC TPB Acquisition to take Lavoro public via $1.2 bln deal

Lavoro

15/09/2022 17:24

** Shares of blank-check firm TPB Acquisition Corporation I
 TPBA.O  edge up ~0.8% to $9.89 after merger news  
    ** Brazil's Lavoro Ltd said it would go public in the U.S.
through a merger with special purpose acquisition company that
values the agricultural products retailer at $1.2 bln
 urn:newsml:reuters.com:*:nL4N30M2H4
    ** Lavaro to receive up to $225 million in cash proceeds
from deal, including a $100 million private placement or PIPE
    ** Lavaro, specializing in seeds and fertilizers in South
American markets, will also receive up to $180 million from the
SPAC's trust account, assuming no redemptions 
    ** A SPAC is a publicly listed shell company that raises
funds with the intention of merging with a private company
    ** The De-SPAC Index  .DESPACTR , which tracks the
performance of some of the biggest cos that list through such
deals, is down ~59% YTD 

 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com))