S&C Advises Symbotic in Completed Merger with SoftBank SPACJune 24, 2022
Symbotic has completed its business combination with SVF Investment Corp. 3, a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers. As a result of the combination, Symbotic became a publicly traded company, listed on the Nasdaq.
The deal values the combined 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. An affiliate of SoftBank Vision Fund 2 invested $200 million. Strategic and institutional investors including Walmart also invested $205 million in equity.
The S&C team representing Symbotic included George Sampas, Bob Downes, Matt Goodman, Mimi Wu, John Karol, Alex Bavis, Jessica Ljustina and Cameron Teschuk. Isaac Wheeler, Tessa Lee and Zach Feldman advised on tax matters. Jeannette Bander and Joyce Lee advised on executive compensation and benefits matters. Bob Reeder advised on certain SEC and securities matters. Mehdi Ansari, Justin Orr and Dan Stern advised on intellectual property matters. Eric Queen and Bradley Smith advised on antitrust and competition matters. Chris Mann and Eric Kadel advised on CFIUS matters. Mark Rosenberg and Nicholas Menillo advised on certain insurance matters. Matt Brennan advised on environmental matters.