AST & Science, which is developing a space-based cellular broadband network, is going public through a merger with a blank-check company, according to people with knowledge of the matter.
AST is merging with New Providence Acquisition Corp., a special purpose acquisition company, or SPAC, said the people, who asked not to be identified because the information is private. The combined company will be valued at $1.4 billion including debt. The deal is expected to close soon as the first quarter of 2021.
AST, also known as AST SpaceMobile, and New Providence have raised $230 million from a private placement to finance the transaction, the people said. The placement was led by AST’s strategic partners, including Vodafone Group Plc, Japanese online retailer Rakuten Inc., American Tower Corp. and UBS Group AG’s hedge fund arm UBS O’Connor, said the people.
A representative for AST declined to comment. A spokesperson for New Providence couldn’t be reached for comment.
AST, based in Midland, Texas, plans to provide broadband service from space to mobile phones, according to its website. It’s partnering with Vodafone to launch its commercial mobile communications service in 2023, providing for a 4G network, the people said.
New Providence raised $230 million in an initial public offering last year.
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December 16, 2020 at 10:00AM
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Satellite Firm AST Is Going Public in Blank-Check Deal - Bloomberg
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