Palihapitiya's SPAC to merge with ProKidney in $2.6 billion deal

Social Capital Suvretta Holdings Corp. III and ProKidney will have a combined equity value of $2.64 billion, the companies said.

Photo: Bloomberg
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Photo: Bloomberg

Crystal Tse | Bloomberg
A blank-check firm started by serial dealmaker Chamath Palihapitiya and Suvretta Capital is merging with medical technology company ProKidney, according to a statement, confirming a Bloomberg News report earlier this month.

Social Capital Suvretta Holdings Corp. III and ProKidney will have a combined equity value of $2.64 billion, the companies said. The transaction also includes a $575 million equity placement that will provide ProKidney with as much as $825 million in cash proceeds, assuming investors in the special purpose acquisition company don’t redeem their shares.

The $575 million private investment in public equity is led by a $125 million investment from Palihapitiya’s
Topics : merger

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First Published: Jan 18 2022 | 7:33 PM IST

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