Lehi, Utah-based Owlet and Sandbridge Acquisition Corp. will have a combined value of $1.1 billion including debt after the deal is completed, the people said, asking not to be identified because the information is private.
The combined company also raised $130 million in a private placement to support the transaction, the people said. Investors in the private placement include Fidelity Management & Research, Janus Henderson Investors, Neuberger Berman Funds, OrbiMed, private funds affiliated with Pimco and Wasatch Global Investors.
Ken Suslow, the chairman and chief executive officer of the special purpose acquisition company, and Domenico De Sole, the chairman of menswear brand Tom Ford, will join the board of Owlet after the merger, the people said.
Founded in 2013, Owlet makes cameras and monitors that help parents track their infant’s breathing, heart rate and sleep time, among other features. It also offer a sleep training app, and is planning to launch a product aimed at pregnant women, its website shows.
Sandbridge Acquisition raised $230 million in September through an initial public offering.
Source: Bloomberg – Baby Monitor Maker Owlet to Go Public Via Sandbridge SPAC