Big Law
Beacon Street Group Goes Public With $3B SPAC Merger
(Reuters) – Beacon Street Group will go public through a merger with blank-check firm Ascendant Digital Acquisition Corp, in a deal that pegs the financial research subscription service’s Pro-forma enterprise value at $3 billion.
The cash portion of the deal, announced on Tuesday, will be financed by the $414 million raised in an initial public offering by the blank-check firm last year and $150 million from private investors.
Beacon Street offers more than 160 products used for financial research, education, and investment. The service is available on platforms including mobiles, desktops, and tablets.
The transaction with the special purpose acquisition company (SPAC) is expected to be completed in the second quarter.
