World View set to go public after stratospheric-exploration company’s merger deal with SPAC Leo Holdings

World View is set to go public, as the stratospheric exploration and flight company agreed to merge with special purpose acquisition company (SPAC) Leo Holdings Corp. II
LHC,
-0.54%
in a deal with an enterprise value of $350 million. As part of the deal, World View could receive proceeds of up to $121 million. After the deal closes, which is expected to occur in the second quarter of 2023, the combined company will operate as World View. Separately, World View and Leo have teamed with New Vista Capital, which will serve on the combined company’s board of directors, to provide operational and industrial partner expertise. “World View is already a leader in the burgeoning stratospheric economy, with notable mission successes across several key strategic partners and critical patent-protected technologies,” said Leo Chief Executive Lyndon Lea. Leo’s stock has gained 2.9% over the past three months, while the S&P 500
SPX,
+0.40%
has advanced 8.5%. The World View-Leo deal comes after deals involving SPACs, also known as blank-check companies, practically dried up in 2022 after a record-breaking 2021.