Sunlight Financial to start trading on NYSE as SPAC merger closes
Summary
Sunlight Financial to start trading on NYSE as SPAC merger closes July 12 (Renewables Now) - US residential solar financing platform Sunlight Financial LLC has finalised its previously-announced merger with a listed special purpose acquisition company (SPAC) and today will start trading on the New York Stock Exchange (NYSE). At the time, it was announced that the tie-up reflects an estimated implied pro forma equity value of USD 1.3 billion (EUR 1.1bn) for the combined company at closing. The transaction included a USD-250-million private investment by Chamath Palihapitiya, Coatue, funds and accounts managed by BlackRock Inc (NYSE:BLK), Franklin Templeton and accounts advised by Neuberger Berman Investment Advisers LLC. “As demand for residential solar and battery storage solutions continues to grow, Sunlight is well-positioned to extend its lead as the point-of-sale technology platform of choice and provide frictionless financing for solar and home improvement customers, contractors and capital providers,” said CEO Matt Potere. Sunlight’s exclusive financial advisor in this deal is Citi, which also served as the PIPE placement agent to Spartan alongside Credit Suisse and Cowen.