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U.S. Indoor Agriculture Company Local Bounti To Go Public Through Merger With Leo Holdings

U.S. indoor agriculture company Local Bounti Corporation has agreed to go public through a merger with Leo Holdings III Corp. (LIII), a publicly-traded special purpose acquisition company. The transaction values the combined company at an equity value of $1.1 billion and upon closing of the transaction, the combined company is expected to remain listed on the New York Stock Exchange under the symbol "LOCL."

Local Bounti believes the current Western U.S. market opportunity is approximately $10.6 billion, and estimates that the total U.S. market for vegetables and herbs will reach up to $30 billion by 2025.

As a result of the transaction with Leo, Local Bounti will receive up to $400 million in gross proceeds, including $125 million from a fully committed PIPE anchored by existing investors and new investors.

The transaction is expected to close in the second half of 2021.

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