GOOGL Alphabet Inc

By Colin Kellaher

Satellite startup Planet Labs Inc. on Wednesday unveiled plans to go public through a combination with blank-check company dMY Technology Group Inc. IV.

The companies said the transaction gives Planet Labs a post-deal equity value of about $2.8 billion and will provide roughly $545 million in cash, including $200 million from a fundraising known as a private investment in public equity, or PIPE.

Funds and accounts managed by BlackRock Inc. will lead the PIPE, with participation from Koch Strategic Platforms, Marc Benioff's TIME Ventures and current investor Google, the Alphabet Inc. unit that sold its satellite business to Planet Labs in 2017 in exchange for shares in the startup.

Planet Labs, an Earth data and analytics company that produces 25 terabytes of data a day from around 200 satellites, had more that $100 million in revenue in fiscal 2021 from more than 600 customers.

The combined company will retain the Planet Labs name and will be listed on the New York Stock Exchange under the symbol PL upon completion of the transaction, expected by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 07, 2021 06:48 ET (10:48 GMT)

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