Starry to go public via SPAC, valuing company at almost USD 2 billion

News General United States 7 OCT 2021
Starry to go public via SPAC, valuing company at almost USD 2 billion

US fixed wireless provider Starry has entered into a merger with FirstMark Horizon Acquisition Corp, a special purpose acquisition company (SPAC) sponsored by an affiliate of FirstMark Capital. After completion, the merged company will continue to operate as Starry and get listed on a national exchange. The transaction implies a pro forma enterprise value of USD 1.66 billion and will give Starry USD 452 million in cash on the balance sheet. Starry said it will use the money to fund its growth and the deployment of its services across the US, and to retire existing debt. 

The total of USD 452 million includes USD 130 million from a fully committed PIPE (Private Investment in Public Equity) and an investment round into Starry from ArrowMark Partners, Atreides Management, Fidelity Management & Research Company, Tiger Global Management, and affiliates of FirstMark Capital. The transaction is also supported by partners such as Quanta Services.

Once public, Starry will have a seven person board, with three independent directors. Amish Jani (FirstMark and FirstMark Capital), Starry CEO Chet Kanojia, and independent director James Chiddix will remain on the board. FirstMark Capital is an existing long-term investor in Starry.

The transaction, which has been approved by the boards of directors of Starry and FirstMark, is expected to close in the first quarter of next year.

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Shareholders & subsidiaries, Corporate strategy, Financial funding, M&A buyouts & divestments

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