Web Doctor Babylon in talks to merge with Alkuri Global Acquisition Corp

, Arabian Business

Babylon, the medical start-up that connects patients and doctors via an app, is in talks to go public in a merger with blank-check company run by former Groupon Inc. executives, according to people familiar with the matter.

The U.K.-based health-care group could reach an agreement with Alkuri Global Acquisition Corp. in the coming weeks, the people said, asking not to be identified discussing confidential information. Babylon could be valued at $3 billion to $4 billion in any deal, the people said.

Alkuri is starting to raise an additional private investment in public equity pool of around $300 million to help fund a deal and already has support from several investors, one of the people said.

Babylon has been working with advisers to explore a listing via a SPAC merger or traditional initial public offering over the last few months, Bloomberg News has previously reported. No final agreement has been reached and Babylon could opt for a different SPAC or seek an IPO, the people said.

Representatives for Babylon and Nashville-based Alkuri declined to comment.

Alkuri is led by Groupon’s ex-chief executive officer Rich Williams and former chief operating officer Steve Krenzer, who left those roles last year after turnaround plans for the online discount provider faltered. Prior to Groupon, Williams held senior roles at technology companies including Inc. Alkuri’s chairman is Sultan Almaadeed, a former executive at the Qatar Investment Authority.

The SPAC listed in February and changed its name in March to Alkuri from Ark Global Acquisition Corp. after confusion with high-profile fund manager Cathie Wood’s firm, ARK Investment Management LLC. The blank-check company is focused on “next-generation technology businesses led by visionary founders and teams leveraging data and artificial intelligence in the areas of consumer internet and marketplaces, HealthTech, FinTech and mobility.”

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