Gulf Energy Development’s CEO Sarath Ratanavadi will become a strategic partner of the merger between the U.S. Local Bounti Corp. and Leo Holdings III Corp. with a transaction that values the combined business at US$1.1 billion.
Local Bounti Corp., a US-based indoor-farming firm for leafy greens, is planning to go public through a definitive merger agreement with Leo Holdings III Corp., a publicly-traded SPAC, in a transaction that values the combined business at US$1.1 billion
According to the press release, the merged companies will continue to be listed on the New York Stock Exchange upon closing of the deal.
Sarath Ratanavadi, Thai billionaire and CEO of Gulf Energy Development Public Company Limited (GULF), Thailand’s largest energy and infrastructure company, and Cargill, US-based agri-food firm, will be the merger’s strategic partners.
Mr. Ratanavadi will invest in the merger through a private investment in public equity (PIPE) arrangement. In the meantime, Cargill will provide $200 million in debt financial to accelerate Local Bounti’s expansion plans for this multi-billion-dollar market opportunity.
The Local Bounti transaction still requires the approval of shareholders from both companies and is expected to close in the second half of this year.