Aspiration to go public through merger with InterPrivate III Financial Partners Inc.
Aspiration Partners, Inc., a global leader in Sustainability as a Service solutions for consumers and companies, and InterPrivate III Financial Partners Inc. (NYSE: IPVF) (“InterPrivate III”), announced today a definitive merger agreement that will result in Aspiration becoming a publicly listed company.
Aspiration is the first ESG-focused financial services institution to be publicly listed having pioneered the category of sustainability-driven consumer spending and saving products.
Aspiration’s tools and technologies help individuals and companies fight the climate crisis in ways that are easy, automatic, engaging, and powerful.
The transaction implies a pro-forma equity value of Aspiration at approximately $2.3 billion and is expected to provide over $400 million in net cash proceeds to the company, including $258.75 million of cash held in IPVF’s trust and a $200 million fully committed common stock PIPE.
PIPE investors include Doha Venture Capital (Qatar), Capricorn Investment Group, Serengeti Asset Management, Brand Capital International (the strategic investment arm of The Times Group), Western & Southern Life Insurance, InterPrivate Capital, AGO Partners, and Drake.
Citigroup Global Markets Inc. is acting as financial advisor, Union Square Advisors is acting as capital markets advisor, and Latham & Watkins is acting as legal advisor to Aspiration. Morgan Stanley & Co. LLC and PJT Partners LP are acting as financial advisors to InterPrivate III, Early Bird Capital is acting as capital markets advisor to InterPrivate III, and InterPrivate Capital is acting as strategic advisor to InterPrivate III. White & Case LLP is acting as legal advisor to InterPrivate III. Morgan Stanley & Co. LLC is acting as lead placement agent for the PIPE financing, Citigroup Global Markets Inc. and PJT Partners LP are acting as co-placement agents for the PIPE financing, and Sidley Austin LLP is acting as legal advisor to the placement agents.
Upon closing of the transaction, the company will be named Aspiration, Inc., and is expected to be listed on the New York Stock Exchange under the new ticker symbol “ASP.”Read more