(Bloomberg) — Online jewelry retailer Blue Nile Inc. agreed to go public again through a merger with a blank-check firm valuing the combined company at $873 million.
The transaction with Mudrick Capital Acquisition Corp. II is expected to generate about $450 million of capital before expenses, the companies said in a statement Friday.
The deal includes $80 million of committed capital — about $50 million of it pre-funded — from Bain Capital Private Equity, Bow Street, Adama Partners and Mudrick Capital. The deal also includes $50 million in new preferred equity provided by Mudrick Capital, according to the statement.
The $873 million pro forma implied equity value of the combined company is based on the $10.15 a share price of the private investment in public equity, assuming no redemptions by the SPAC’s stockholders.
The company, based in Bellevue, Washington, will be named Blue Nile and is expected to be listed on Nasdaq. The company will be led by the current management team, including Blue Nile Chief Executive Officer Sean Kell.
Blue Nile is returning to the public market after Bain and Bow Street agreed in 2016 to take it private in a $500 million deal.
The Mudrick SPAC raised $316 million in its initial public offering in 2020, including so-called greenshoe shares.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
