Symbotic has agreed to combine with SoftBank Investment Advisers’ special purpose acquisition company, SVF Investment Corp. 3. The deal values the company at $5.5 billion, and will accelerate its push into warehouse automation, powered by a fleet of autonomous robots with A.I.-enabled software that can power a customer’s entire supply chain technology platform. Longstanding S&C client Rick Cohen is Symbotic’s original investor, CEO and chairman. The deal is expected to raise $725 million in gross proceeds, including $200 million from SoftBank Vision Fund 2 and $205 million in equity from investors including Walmart.
The S&C team representing Symbotic includes George Sampas, Matt Goodman, Bob Downes, and Mimi Wu; Bob Reeder is advising on certain SEC and securities matters; Isaac Wheeler is advising on tax matters; Jeannette Bander is advising on executive compensation matters; Mehdi Ansari and Justin Orr are advising on intellectual property matters; Eric Queen and Brad Smith are advising on antitrust and competition matters; Chris Mann and Eric Kadel are advising on CFIUS matters; and Matt Brennan is advising on environmental matters.