Starry Inc said on Thursday it has agreed to go public through a merger with blank-check firm FirstMark Horizon Acquisition Corp in a deal that would value the broadband services provider at $1.66 billion.
A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao
Funds from the transaction will be used to grow and deploy Starry's services across the United States and to pay off existing debt, the company said. The deal comes at a time when special purpose acquisition company mergers in the U.S. capital market have seen a downturn in the recent months. Still, deal-making activity has set new records this year.
FirstMark, a SPAC backed by New York venture capital firm FirstMark Capital, raised $360 million through an upsized initial public offering in October last year.
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