Northern Revival Acquisition announced today that it has entered into a merger agreement with Braiin Limited, an agricultural company with differentiated technologies and capabilities that address high growth market trends across the agriculture ecosystem. The deal is valued at $215 million.
Australia-based Braiin provides a precision agriculture technology platform that revolutionizes traditional farm management through automation, insights, and connectivity, operating in three key divisions that provide connectivity infrastructure, drones, imagery, analytics, and actionable productivity recommendations to farms in Australia and the Asia Pacific region.
If approved by Northern Revival shareholders, upon closing current Braiin shareholders will retain 100% of their equity through new ordinary shares of the SPAC and will own approximately 65% of the post-closing combined public company, assuming no redemptions.
The transaction is expected to close in Q2 or Q3.
Northern Revival, formerly Noble Rock Acquisition, raised $241.5 million in a February 2021 ipo. The SPAC in January of this year sold sponsor control to Meteora Special Opportunity Fund i, GenGlobal Noble and Singh Capital Partners. Read more.
Source: Ag Tech Co. Braiin Combining with Northern Revival Acquisition in 5M Deal