NEW YORK: Packable, a US e-commerce firm backed by Carlyle Group, said on Thursday it has agreed to merge with Highland Transcend Partners, a special purpose acquisition company , in a deal that values the combined company at US$1.55 billion.
Packable, which operates third-party retailer Pharmapacks, was valued at about US$1.1 billion when Carlyle invested US$250 million to acquire its stake in November last year. "Packable will expand geographically, invest in founder-led brands, and add new verticals such as data science, marketing and media services,” Packable chief executive Andrew Vagenas said in an interview.As part of the merger deal, Packable's existing shareholders will receive 71 per cent of the combined company, Highland Transcend SPAC founders and investors will own 19 per cent, while PIPE investors get the remaining 11 per cent.
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