A&O advising Babylon on its USD4.2bn merger with special purpose acquisition company Alkuri Global

The transaction, which is expected to close in the second half of 2021, will see the new company trade as “Babylon” (BBLN) on Nasdaq and reflects an initial pro forma equity value of approximately USD4.2 billion.

Babylon was founded in 2013, with the aim to make affordable healthcare available to all by shifting the focus from reactive sick care to preventative healthcare, resulting in better members’ health, improved member experience and reduced costs. The company saw approximately five times annual revenue growth in 2020, and is expected to grow by approximately four times in 2021.

Alkuri Global is a blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses or entities, with a focus on next-generation technology businesses leveraging data and artificial intelligence.

Commenting on the transaction, A&O Corporate M&A partner Will Samengo-Turner said: “This is exactly the kind of deal on which the team at A&O excels, working with clients with visionary business models on market-defining transactions. It was a pleasure to be able to help our client Babylon partner with Alkuri Global and I look forward to seeing the company continue its phenomenal growth and success in the future.”

The A&O team was led by Corporate M&A partner Will Samengo-Turner in London.