Packable Agrees to SPAC Merger With Highland Transcend Partners | Corp.
New York – September 14, 2021 – Cooley advised Packable, the holding company for technology-led ecommerce marketplace enablement platform Pharmapacks, on its definitive agreement to merge with special purpose acquisition company (SPAC) Highland Transcend Partners I Corp. Partners Sacha Ross, David Silverman, Nicolas Dumont and Stephanie Gentile led the Cooley team advising Packable.
Upon completion of the transaction, the combined company’s anticipated pro forma equity value is $1.9 billion. The deal will result in $434 million in cash on the company’s balance sheet to support its current market leadership and enable opportunities to enhance growth, profitability and geographic and multimarket place expansion. This includes a $180 million oversubscribed private investment in public equity and convertible offering led by Fidelity Management & Research Company, Lugard Road Capital, Luxor Capital, Park West Asset Management and Morningside. The combined company will operate under the new holding company name Packable while continuing to operate on marketplaces as Pharmapacks, and it is expected to be listed on the New York Stock Exchange under the symbol PKBL.
“This is an incredibly exciting time for our team, and we are thrilled to partner with Highland Transcend as we plan to enter our next chapter as a public company,” Andrew Vagenas, Packable co-founder and CEO, said in a news release. “While we’ve become a market leader in our industry, there is significant runway ahead of us in multiple avenues: from the continued proliferation of online marketplaces and geographic opportunities to our ability to invest in and grow Digitally Native Brands, while providing new data and technology services, as well as marketing options for our brand partners.”
Founded in 2010 as Pharmapacks, Packable is a multimarket place ecommerce enablement platform that provides category-leading brands with the connections, data insights and services they need to enable accelerated online marketplace sales.
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