Satellite Startup Planet Labs to Combine With SPAC dMY Tech IV
July 07 2021 - 6:53AM
Dow Jones News
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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