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Bird Rides To Become Public Company In $2.3 Bln Deal

Bird Rides said that it will merge with Switchback II Corp. (SWBK) to become a public company in a deal valuing the electric vehicle transportation company at $2.3 billion.

Founded in 2017, Bird Rides has rapidly expanded its global footprint to over 200 cities worldwide. It will be renamed to Bird Global and will list on the New York Stock Exchange. The merger is expected to close in the third calendar quarter of 2021.

The transaction will enable the combined entity to retain net proceeds of up to $428 million of cash following the closing to fund operations and growth initiatives and for general corporate purposes.

Aggregate funding combines Switchback's $316 million cash-in-trust and $160 million of private placement proceeds, which have been fully committed by Fidelity Management & Research Company LLC and other investors, and Bird's access to a $40 million asset financing facility with Apollo Investment Corporation and MidCap Financial Trust.

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