Report
GLENVIEW CAPITAL
767 5 AVENUE
FLR 44
MANHATTAN, NY  10153  

Larry Robbins' Longview SPAC to merge with Butterfly Network in $1.5B deal


December 04 -- Longview Acquisition (NYSE:LGVWU), the special purpose acquisition company backed by Glenview Capital, will acquire Butterfly Network, a digital health company seeking to make high-quality ultrasound imaging affordable, accessible, and connected.

  • Pro forma enterprise value of the merger is $1.5B; combined company is expected to have an estimated $584M in cash after the closing.
  • The Butterfly iQ is an ultrasound transducer that can perform "whole-body imaging" with a single handheld probe.
  • 100% of the equity of existing Butterfly Network investors, including Baillie Gifford, the Bill and Melinda Gates Foundation, and Fosun Industrial, will convert into shares of the combined company. There will be no selling shareholders in the transaction.
  • Longview is expected to own, along with its affiliates, 7.6% of the combined company's outstanding shares at closing.
  • Longview chairman and Glenview CEO Larry Robbins will join the board of the combined company.
  • Leading institutional investors, including Eldridge, Fidelity Management & Research Company LLC, Glenview, Ridgeback, Tenet Healthcare Corporation, UPMC Enterprises and Wellington Management, have anchored a $175M PIPE (private investment in public equity) at $10 per share.
  • Upon closing, expected by the end of Q1 2021, the combined company's class A common stock is expected to be traded on the NYSE under the symbol "BFLY."

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