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NextNav to Merge with Spartacus Acquisition Corp. with USD 1.2bn in Equity Value Transaction
Friday 11 June 2021

US-based next generation GPS company NextNav has agreed to merge with US-based blank check company Spartacus Acquisition Corp. in a transaction with a pro forma market capitalisation of approximately USD 1.2bn, the company said.

The transaction values the combined company at a pro forma implied enterprise value of USD 900m and is expected to provide approximately USD 408m in gross proceeds.

The transaction includes USD 205m of fully committed common stock PIPE at USD 10.00 per share from key investors including Koch Strategic Platforms, a subsidiary of the Koch Investments Group, funds managed by Fortress Investment Group, LLC, Ophir Asset Management, Woody Creek Capital Management and Quantlab Disruptive Technologies, Iridian Asset Management LLC, and Sponsor of Spartacus acquisition Corp.

Upon closing of the business combination, the combined company will be named NextNav Inc., and its common stock and warrants will be listed as NASDAQ: NN and NASDAQ: NNW.

The NextNav platform serves a USD 100bn global total addressable market in public safety, e911, mass market consumer apps, eVTOLs, UAVs and autonomous vehicles, IoT and critical infrastructure, and many other sectors.

Beyond its technology and intellectual property, NextNav owns a one-of-a-kind portfolio of nationwide spectrum licenses for 2.4bn MHz-PoPs of 900 MHz spectrum.

PJT Partners is acting as sole financial advisor, and Hogan Lovells US LLP is acting as legal advisor to NextNav. B. Riley Securities is acting as sole financial and capital markets advisor to Spartacus. K and L Gates LLP is acting as legal counsel to Spartacus.

B. Riley Securities and PJT Partners are acting as joint placement agents with respect to the private placement. Kirkland and Ellis LLP is acting as placement agent counsel.

Spartacus Acquisition Corp. (NASDAQ: TMTS) (NASDAQ: TMTSW) (NASDAQ: TMTSU) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.
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Date Published: 11/06/2021

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