BRIEF-Babylon Announces Plans To Become A Public Company Via $4.2 Billion Merger With Alkuri Global Acquisition Corp.

Reuters
2021/06/03

June 3 (Reuters) - Alkuri Global Acquisition Corp :

* BABYLON, A WORLD LEADING, DIGITAL-FIRST, VALUE-BASED CARE COMPANY, ANNOUNCES PLANS TO BECOME A PUBLIC COMPANY VIA $4.2 BILLION MERGER WITH ALKURI GLOBAL ACQUISITION CORP.

* ALKURI GLOBAL ACQUISITION CORP - TRANSACTION IS EXPECTED TO DELIVER UP TO $575 MILLION OF GROSS PROCEEDS TO FUND BABYLON'S PRO FORMA BALANCE SHEET

* ALKURI GLOBAL ACQUISITION CORP - BABYLON FOUNDER AND CEO ALI PARSA WILL BECOME CHAIRMAN AND CEO OF COMBINED ENTITY

* ALKURI GLOBAL ACQUISITION CORP - COMBINATION IS FURTHER SUPPORTED BY A $230 MILLION PRIVATE PLACEMENT

* ALKURI GLOBAL ACQUISITION CORP - ADDITIONAL PARTICIPATION IN DEAL FROM ALI PARSA, ALKURI SPONSOR LLC AND EXISTING BABYLON INVESTORS KINNEVIK AND VNV

* ALKURI GLOBAL ACQUISITION CORP - AGREEMENT IS EXPECTED TO REDUCE BABYLON'S CASH NEEDS BY APPROXIMATELY $40 MILLION.

* ALKURI GLOBAL ACQUISITION CORP - AN ALKURI GLOBAL REPRESENTATIVE WILL JOIN BABYLON BOARD OF DIRECTORS

* ALKURI GLOBAL ACQUISITION CORP - EXISTING BABYLON SHAREHOLDERS WILL ROLL 100% OF EQUITY INTO COMBINED CO & WILL OWN ABOUT 84% OF PRO FORMA CO AT CLOSING

* ALKURI GLOBAL ACQUISITION CORP - FOLLOWING CLOSING OF PROPOSED BUSINESS COMBINATION, BABYLON WILL RETAIN ITS EXPERIENCED MANAGEMENT TEAM

Source text for Eikon: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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