買収意欲旺盛な宇宙インフラ企業RedwireがSPAC経由で株式公開へ

今回は「買収意欲旺盛な宇宙インフラ企業RedwireがSPAC経由で株式公開へ」についてご紹介します。

関連ワード （Redwire、SPAC等） についても参考にしながら、ぜひ本記事について議論していってくださいね。

本記事は、TechCrunch様で掲載されている内容を参考にしておりますので、より詳しく内容を知りたい方は、ページ下の元記事リンクより参照ください。

2021年に発表された一連の宇宙スタートアップSPACに最も新しく仲間入りするのは、2020年にPE会社によって立ち上げられたRedwireだ。同社はここ1年ほどの間に、Adcole Space、Roccor、Made in Space、LoadPath、Oakman Aerospace、Deployable Space Systemsなど、数多くの小規模企業を買収している。Redwireは、SPAC（特別買収目的会社）であるGenesis Park Acquisition Corp.との合併により株式公開し、合併後の会社はニューヨーク証券取引所（NYSE）に上場すると発表した。

この合併により、Redwireのプロフォーマ企業価値は6億1500万ドル（約671億5000万円）となり、合併後のRedwireの資金には、1億ドル（約109億円）以上のPIPE（上場企業の私募増資）を含め、1億7000万ドル（約185億6000万円）が追加されると予想される。驚くことではないだろうが、Redwireが考えている資金使途の1つは、宇宙分野でのサービス提供を強化するための継続的なM&A活動だ。

Redwireのマンデートは特に新しい宇宙関連企業を狙うことではなく、混み合った宇宙市場の中でも、特定の狭い範囲の専門知識を持つ企業をターゲットとすることだ。軌道上での製造・サービス、衛星の設計・製造・組立、ペイロードの統合、センサーの設計・開発など、同社はさまざまな能力を持っている。アイデアとしては、打上げと地上局のコンポーネントを除く宇宙技術サービスを先端から末端まで提供できる、複数の技術に精通しているインフラ企業を構築しようとしているように見える。

関連記事：ロケット打ち上げのRocket LabがSPAC合併で上場へ、企業価値4370億円に

急速に発展している宇宙経済に向けて、これはスマートなアプローチといえる。宇宙で事業を展開したいと考えているテック企業は、自社のユニークな価値提案に集中したいと考えており、実際に宇宙に行って活動するという、複雑ではあるがほとんど解決済みのビジネスを外注したいと考えている。他社も同様の方法で市場に対応しており、ロケットメーカーがプロセスの一部を内製化することで、比較的近い将来、ペイロードの顧客は基本的に宇宙に送りたいセンサーや通信機器を持ってくるだけでよく、ロケットメーカーは衛星も含めてその他のすべてを提供することになるだろう。

Redwireは2021年に1億6300万ドル（約177億9000万円）の収益を見込んでおり、収益を生み出す力があることが証明されている。また、現在Redwireの傘下で事業を展開している企業の多くはかなり成熟しており、何年にもわたって営業キャッシュフローが黒字の場合も多い。こうしたことから、公開市場への道としてのSPACは、このような場合には意味があると思われる。しかし、このルートを選択する宇宙企業の頻度と量が増えていることから、全体的には健全な懐疑心を持って見守るべきトレンドである。

関連記事：衛星コンステレーションのSpire Globalが約1712億万円のSPACを通じて上場へ

画像クレジット：NASA

【原文】

The latest in a string of space tech SPACs announced this year is Redwire, an entity created by a PE firm in 2020, which has acquired a number of smaller companies including Adcole Space, Roccor, Made in Space, LoadPath, Oakman Aerospace, Deployable Space Systems and more — all within the last year or so. Redwire announced that it will go public through a merger with special purpose acquisition company Genesis Park Acquisition Corp., and the combined company will list on the NYSE.

The deal puts Redwire’s pro forma enterprise value at $615 million, and is expected to provide an additional $170 million to Redwire’s coffers post-merger, including a PIPE valued at over $100 million. Unsurprisingly, one of the uses of the proceeds that Redwire intends to pursue is continued M&A activity to build out its list of service offerings in the space domain.

Redwire’s mandate isn’t specifically to go after new space companies, and instead its targets share in common expertise in a particular, rather narrow slice of the severally crowded space market. It’s capabilities include on-orbit manufacturing and servicing; satellite design, manufacture and assembly; payload integration; sensor design and development; and more. The idea appears to be to build a full-stack infrastructure company that can offer tip-to-tail space technology services, exclusive really only of launch and ground station components (for now).

It’s a smart approach for a bourgeoning new space economy where increasingly, technology companies who want to operate in space would rather focus on their unique value proposition, and outsource the complex, but mostly settled business of actually getting to, and operating in, space. Other companies are addressing the market in similar ways, with launchers bringing more of that part of the process in-house so their payload customers basically only have to show up with the sensor or communication device they want to send to space, and the launcher providing everything else — including even the satellite, in the relatively near future.

Redwire has proven revenue-generating power, with projected 2021 revenue of $163 million, and many of the companies now operating under its umbrella are fairly mature and have been operating cash flow positive for many years. Accordingly, a SPAC as a path to public markets likely does make sense in this particular instance, but the increasing frequency and volume of space companies choosing this route, is, on the whole, a trend to watch with healthy skepticism.

（文：Darrell Etherington、翻訳：Aya Nakazato）

Redwire Space going public via a SPAC after year of ...

Space infrastructure conglomerate Redwire Space is preparing to go public via a SPAC, the company announced Thursday.

Acquisition-happy space infrastructure company Redwire set ...

The latest in a string of space tech SPACs announced this year is Redwire, an entity created by a PE firm in 2020, which has acquired a number of smaller companies including Adcole Space, Roccor, Made in Space, LoadPath, Oakman Aerospace, Deployable Space Systems and more — all within the last year or so. Redwire […]

Redwire, an Innovative Space Infrastructure Company ...

Redwire is a pure play space infrastructure company providing critical technology and services to fast-growing national security, civil…

This Space Infrastructure Supplier Is Going Public | The ...

Redwire is a conglomerate that supplies commercial players like SpaceX as well as government agencies.

Redwire - Wikipedia

Redwire is a space infrastructure technology company formed by the acquisition of multiple smaller space companies by the private equity firm AE Industrial Partners.It is set to go public through a merger with the SPAC Genesis Park Acquisition Corp., valuing the company at US$615 million. Companies. Redwire was formed via the acquisition of Adcole Space, Deep Space Systems, Deployable Space ...

Redwire To Merge With Genesis Park Acquisition, Becomes ...

(RTTNews) - Special purpose acquisition company Genesis Park Acquisition Corp. (GNPK) and space infrastructure company Redwire Space said on Thursday that they have signed a definitive merger ...

Redwire, An Innovative Space Infrastructure Company ...

/PRNewswire/ -- Redwire (or "the Company"), a leader in mission-critical space solutions and high reliability components for the next generation space economy,...

Space infrastructure firm finds partner to take it public ...

Redwire, the space infrastructure company backed by AE Industrial Partners, is merging with a blank check firm to become publicly-traded amid continued hot investor and customer interest in space.

Redwire to Go Public Via SPAC via Merger with Genesis Park ...

Redwire achieves that vision by transforming the future of space infrastructure and services at a time when the space industry is on the brink of exponential growth. Redwire is a proven, solidly profitable player in the space community and the undisputed leader in on-orbit 3D printing, servicing, assembly, and manufacturing.

Reevemark Launches Redwire Space's SPAC - Thu., Mar. 25, 2021

Reevemark is handling Redwire Space, which is going public via a SPAC merger with Genesis Park Acquistion Corp.

Redwire to go public through a SPAC merger

"Redwire is supplying the picks and shovels that enable nearly every space mission," Peter Cannito, chairman and chief executive of Redwire, said in a statement announcing the deal. That business has made Redwire unique among space companies going public through SPACs in that it has both revenues and profits.

Redwire Will Go Public This Quarter Through SPAC Merger ...

Redwire has officially added its name to the list of space companies going public through a special-purpose acquisition corporation (SPAC). The space infrastructure conglomerate, which includes recently acquired entities such as Deployable Space Systems, LoadPath, Roccor, and Made in Space, announced March 25 that it

Acquisition-happy space infrastructure company Redwire set ...

The latest in a string of space tech SPACs announced this year is Redwire, an entity created by a PE firm in 2020, which has acquired a number of smaller companies including Adcole Space, Roccor, Made in Space, LoadPath, Oakman Aerospace, Deployable Space Systems and more — all within the last year or so. Redwire […]

Genesis Park (GNPK) Launches $615M RedWire Merger ...

Genesis Park (NYSE:GNPK) has agreed to combine with aerospace part manufacturer RedWire at an enterprise value of $615 million.

Redwire to go public through a SPAC merger : by Jeff Foust ...

WASHINGTON — Redwire, a firm that has acquired several space technology companies in the last year, announced March 25 that it will go public by merging with a special-purpose acquisition corporation (SPAC). Redwire said it will merge with Genesis Park Acquisition Corp., a SPAC that went public in November 2020. The merger will provide Redwire ...

Redwire To Go Public Through Merger With A SPAC | Phil's ...

By Michelle Jones. Originally published at ValueWalk. Space technology firm Redwire is slated to go public through a merger with a special purpose

Redwire Merging With Genesis Park Acquisition at $615M ...

Space infrastructure company Redwire and Genesis Park Acquisition announced today that they have entered into a definitive merger agreement that will deliver $170 million to Redwire, including a $100 million PIPE. Pending shareholder approval, the transaction is expected to be completed by the end of the second quarter when Redwire will begin trading on the…

Redwire & Genesis Park: The SPAC that wants to be seen as ...

PARIS — The planned merger and stock-market introduction of Redwire with Genesis Park Acquisition Corp. is a rarity among space-sector SPACs: It pitches the company as much for what it is now as for what it will be if everything works out.. Genesis and Redwire officials said repeatedly that the transaction is not needed to fund any of the near-term revenue targets, but rather to increase ...

Paul Hobby's Genesis Park SPAC to take space ...

Redwire achieves that vision by transforming the future of space infrastructure and services at a time when the space industry is on the brink of exponential growth," Hobby said. "Redwire is a ...

Redwire to go public through a SPAC merger - All CyberTruck

WASHINGTON — Redwire, a agency that has acquired a number of area expertise corporations within the final yr, introduced March 25 that it'll go public by merging with a special-purpose acquisition company (SPAC). Redwire stated it should merge with Genesis Park Acquisition Corp., a SPAC that went public in November...

Acquisition-happy space infrastructure company Redwire set ...

Redwire announced that it will go public through a merger with special purpose acquisition company Genesis Park Acquisition Crop., and the combined company will list on the NYSE. The deal puts Redwire's pro forma enterprise value at %615 million, and is expected to provide an additional $170 million to Redwire's coffers post-merger ...

Acquisition-happy space infrastructure company Redwire set ...

Redwire has proven revenue-generating power, with projected 2021 revenue of $163 million, and many of the companies now operating under its umbrella are fairly mature and have been operating cash flow positive for many years. Accordingly, a SPAC as a path to public markets likely does make sense in this particular instance, but the increasing ...

Space M&A boom appears right on time - TheLiveFeeds.com

Redwire has a similar strategy. Formed in 2020 by private equity firm AE Industrial Partners, Redwire is creating a space infrastructure company. In less than a year, Jacksonville, Florida-based Redwire has snapped up Adcole Space, Deep Space Systems, Deployable Space Systems, LoadPath, Made In Space, Oakman Aerospace and Roccor.

redwire | DealFlow's SPAC Newsletter

redwire. Search Trending Posts 'The Market Seems Crazy': Start-Ups Wrestle With Flood of SPAC Offers. UBS Quietly Bans Advisers From Pitching SPAC Stocks to Clients: Report. Thoma Bravo Merging With ironSource At $11.1B Valuation. Arbe Robotics Merging With Industrial Tech Acquisitions at $572M Valuation.

Mar 26, 2021 - The newsletter for space professionals ...

Taiwan: Look beyond US for ties on space. UK Space Sector receives £1 Million government boost to support international innovation.

WeWork attempts to go public again, this time through a SPAC

Nearly two years after its attempted initial public offering of shares disintegrated, WeWork is going public in a merger with a special-purpose acquisition company. WeWork is merging with BowX Acquisition, a SPAC, in a transaction that would value the embattled communal office-space company at $9 billion plus debt, the companies said in a joint statement Friday. WeWork said it would also raise $1.3 billion.

WeWork takes SPAC route to go public in $9b deal

WeWork, the once-high flying office-sharing start-up that fell from grace during a revealing IPO process back in 2019, is finally going to make its stock market debut but not through the traditional IPO route.It will now merge with blank-check firm BowX Acquisition Corp, in a special purpose acquisition company, or SPAC, merger that's been all the rage on Wall Street lately.A SPAC is a shell firm that uses proceeds from a public listing to buy a private firm like WeWork. When the two merge the private company then assumes the stock trading of the SPAC. Tapping the stock market through a SPAC requires less regulatory oversight and investor scrutiny than a traditional IPO.In the deal announced Friday, WeWork is valued at $9 billion. That's a huge drop from the $47 billion valuation during its botched 2019 IPO. The original stock market listing was scrapped amid widespread concerns about WeWork's business model and the management style of its founder Adam Neumann.WeWork eventually had to be rescued by major shareholder SoftBank.The market debut for WeWork will come at a time of uncertainty regarding the future of office work, as economies open up, people are vaccinated, and employers figure out how many workers need to - or want to - return to the office after working from home during the health crisis.WeWork told possible merger partners that it lost about $3.2 billion last year, sources familiar with talks told Reuters earlier this week.

WATCH: CNN's John Berman Opens New Day With An Homage to ...

Well, this is not something you see every day… John Berman opened Thursday’s New Day by parodying Billy Joel’s We Didn’t Start the Fire. It wasn’t quite in song, but the CNN anchor listed a myriad of issues facing President Joe Biden on the day of his first press conference in a clever rhyming pattern that impossibly left ...

Moore Kuehn Encourages GWPH, GNPK, PMBC, and SPFR ...

NEW YORK, March 25, Mar 25, 2021 (GLOBE NEWSWIRE via COMTEX) -- NEW YORK, March 25, 2021 (GLOBE NEWSWIRE) -- Moore Kuehn, PLLC, a law firm focusing in...

SPAC Investing 101: What Is a PIPE, and What Should ...

When a special purpose acquisition company, or SPAC, identifies its acquisition target, it usually commits the funding it raised in its SPAC IPO along with a private investment round known as a ...

Another SPAC Worth Watching | The Motley Fool

In this episode of Industry Focus: Tech, we get on the SPAC train with a rundown of Berkshire Grey, an automation and software company being acquired by Revolution Acceleration Acquisition Corp ...

Celebrities have become a defining feature of the SPAC boom

Celebrities are becoming as endemic to SPACs as are warrants or vague areas of focus.Why it matters: In most cases, it's an effective marketing ploy. Window dressing for retail investors and, even more importantly, for acquisition targets.Get market news worthy of your time with Axios Markets. Subscribe for free.Behind the blank check: The type of celebrity is largely irrelevant, so long as it's a household name. Someone who will garner attention. Pro athlete, singer, politician, etc.These celebs are almost always directors on the SPAC. Or, even less significant, advisers to the SPAC.In most cases, their job is just to exist. Tempt the media write the headlines, investors to buy the stock and CEOs to take the meeting. And if you don't believe that last point, you've never perused a tech founder's Instagram or been backstage at a conference where CEOs try to corner that actor from that Netflix show.Once the SPAC acquires a company, they effectively disappear. The new board is mostly the acquired company's board, usually plus the SPAC's chair and/or CEO. The celeb walks away with some money, stock and (Wall) street cred.The SEC is concerned enough about this trend that it recently issued an investor bulletin, even though it's certain to fall on deaf ears:Celebrity involvement in a SPAC does not mean that the investment in a particular SPAC or SPACs generally is appropriate for all investors. Celebrities, like anyone else, can be lured into participating in a risky investment or may be better able to sustain the risk of loss. Caveat: There are some hands-on celebs. Former baseball star Alex Rodriquez, for example, is the CEO of Slam Corp., a SPAC that last month raised $500 million. But he's very much an exception to the rule.The bottom line: This isn't about peak SPAC. It's about peak cynicism.Like this article? Get more from Axios and subscribe to Axios Markets for free.

Redwire Space going public via a SPAC after year of ...

Space infrastructure conglomerate Redwire Space is preparing to go public via a SPAC, the company announced Thursday.

WeWork takes SPAC route to go public in $9b deal

WeWork, the once-high flying office-sharing start-up that fell from grace during a revealing IPO process back in 2019, is finally going to make its stock market debut but not through the traditional IPO route.It will now merge with blank-check firm BowX Acquisition Corp, in a special purpose acquisition company, or SPAC, merger that's been all the rage on Wall Street lately.A SPAC is a shell firm that uses proceeds from a public listing to buy a private firm like WeWork. When the two merge the private company then assumes the stock trading of the SPAC. Tapping the stock market through a SPAC requires less regulatory oversight and investor scrutiny than a traditional IPO.In the deal announced Friday, WeWork is valued at $9 billion. That's a huge drop from the $47 billion valuation during its botched 2019 IPO. The original stock market listing was scrapped amid widespread concerns about WeWork's business model and the management style of its founder Adam Neumann.WeWork eventually had to be rescued by major shareholder SoftBank.The market debut for WeWork will come at a time of uncertainty regarding the future of office work, as economies open up, people are vaccinated, and employers figure out how many workers need to - or want to - return to the office after working from home during the health crisis.WeWork told possible merger partners that it lost about $3.2 billion last year, sources familiar with talks told Reuters earlier this week.

SEC SPAC Probe: How Investment Banks Are Exploiting the ...

The amounts banks can make are mouthwatering. Disclosed fees for SPAC IPOs average at about 5.2% of gross proceeds, data compiled by Bloomberg show.

WeWork SPAC Hands Roles to US Quartet | Law.com International

WeWork's merger with SPAC BowX Acquisition is set to give the office sharing business a cash injection of $1.3 billion.

WeWork Strikes $9 Billion SPAC Deal

WeWork is going public in a $9 billion deal with a blank-check company two years after its failed $47 billion IPO.

SPAC slump: 'Blank check' stocks dip on reports of SEC ...

The reason SPACs are known as ‘blank check’ firms is that they generally don’t have a merger target when they’re formed.

Key considerations when sponsoring a SPAC - Nixon Peabody blog

Before sponsoring a SPAC, there are several important factors businesses and investors should consider. Nixon Peabody corporate partners Richard Langan and Michael Smith discuss nine considerations when sponsoring a SPAC.

WeWork Will Go Public Via SPAC Deal At $9 Billion ...

The flexible co-working startup will merge with BowX Acquisition Corp.

Wall Street Banks Anticipate SEC Inquiries Into SPAC ...

The development follows increasing concerns -- including some raised by SEC officials -- that the SPAC frenzy has gotten out of control and will end badly for investors. While banks have been ...

Social Capital's Latest SPAC IPOE Stock is a Coin Flip ...

IPOE stock is another SPAC from one of the most prolific blank-check holdings companies. But Social Capital Hedosophia's got a problem.

WeWork joins SPAC trend to go public, over a year after ...

The troubled co-working company, now valued at $9 billion, is riding the SPAC boom to the public markets.

Paul Weiss Discusses How to Mitigate SPAC Litigation ...

The explosive growth in Special Purpose Acquisition Companies (“SPACs”)[1] is starting to generate significant amounts of litigation. Scores of civil lawsuits have been filed against SPAC sponsors and/or their directors and officers since the start of 2020, with more than 50 securities or stockh...

SPAC stock drops appear to signal investor fatigue ...

SPAC stocks typically trade around their $10 IPO price until they announce a merger, then enjoy a slight bump until the deal is completed. During the record surge in new SPACs last year and this ...

WeWork reportedly cuts deal to go public with SPAC

WeWork has reportedly agreed to a merger with a newly formed company, BowX Acquisition Corp, and is back on track to go public.

Claure-led SoftBank SPAC raises $230M in IPO - Kansas City ...

The SPAC is an independent affiliate of Leawood-based Tortoise Capital Advisors LLC, which in June 2020 saw its first SPAC announce a merger with Hyliion Inc., an electric vehicle power train ...

WeWork Will Go Public in a Merger With a SPAC - The New ...

The money-losing office space firm plans to merge with a blank-check company backed by big Wall Street investors.

WeWork Attempts to Go Public Again, This Time Through a SPAC

WeWork Attempts to Go Public Again, This Time Through a SPAC WeWork is merging with BowX Acquisition, a SPAC, in a transaction that would value the embattled communal office-space company at $9 ...

WeWork to go public after merger with SPAC BowX ...

WeWork is finally going public, after the flexible office space company announced Friday a merger with special-purpose acquisition company BowX Acquisition...

Matt's Top 3 SPAC Targets - Israeli Tech | SPACInsider

Israeli tech companies have represented a stunning proportion of the overall SPAC deals so far in 2021 and there are plenty more candidates.

WeWork To Go Public In $9 Billion SPAC Deal 18 Months ...

WeWork To Go Public In $9 Billion SPAC Deal 18 Months After IPO Collapse At long last, the company that once promised to "elevate global consciousness" is finally going public...at a tiny fraction of its original valuation. Roughly 18 months after WeWork's planned IPO collapsed, e ...

Will SoFi Be a Long-Term Winner for SPAC Investors? | Nasdaq

Social Capital Hedosophia Holdings V (NYSE: IPOE), a special-purpose acquisition company (SPAC) led by Chamath Palihapitiya, is set to take financial-technology startup Social Finance, better ...

The Ripples Behind the SPAC Wave | Proskauer - The Capital ...

The past year saw a burst in popularity of SPACs. More than half of companies that went public in 2020 did so using a SPAC on their way to raising over $80 billion in proceeds, and so far in 2021 SPAC offerings far outpace traditional IPOs. SPACs allow companies to go public with greater speed...

Billionaire Investor Sternlicht says SPAC Market 'Out of ...

Billionaire investor Barry Sternlicht told CNBC he believes the SPAC market is "out of control" and argued Wall Street won't regulate it because they are making too much money. The CEO and chairman of Starwood Capital, a firm that operates six of its own SPACs, said that although he takes every SPAC deal seriously and…

WeWork revives plans to go public, this time with a SPAC ...

Valued as high as $47bn two years ago, WeWork will try to go public again through a SPAC merger that values it at $9bn.