Shapeways announces merger with Galileo Acquisition Corp
Galileo Acquisition Corp (NYSE: GLEO) and Shapeways, a leading global digital manufacturing platform driven by proprietary software announced today that they have entered into a definitive merger agreement for a merger transaction in which Shapeways will be acquired by Galileo.
On closing of the transaction, the combined company will be named Shapeways Holdings, Inc. and is expected to remain listed on the NYSE under the new ticker symbol, SHPW.
The combined company will be led by Greg Kress, Shapeways’ Chief Executive Officer.
Shapeways has delivered over 21 million parts to 1 million customers in over 160 countries.
Transaction is set to provide $195 million of net proceeds to the Company, including a $75 million fully committed, common stock PIPE at $10.00 per share anchored by top-tier institutional investors Miller Value, XN, and strategic investor Desktop Metal.
The PIPE also includes investments from existing investors Lux Capital, Union Square Ventures, INKEF Capital and Andreesen Horowitz.
The transaction values Shapeways at an Enterprise Value of $410 million and an equity value of $605 million.
Cash proceeds will primarily be used to accelerate Shapeways’ metal additive manufacturing capabilities, expand the Company’s material and technology offerings to extend market reach and grow customer share of wallet as well as to provide additional working capital.
The transaction is expected to close in the summer of 2021.Read more