US data center firm TECfusions is to go public via a Special Purpose Acquisition (SPAC) merger.
The company this week announced it would merge with Apex Treasury Corp. and join the Nasdaq. The deal values TECfusions at around $4 billion and a post-transaction value of $4.2bn. The deal has been approved by the boards of both firms and is expected to close in Q4 2026.
– TECfusions
A traditional SPAC merger sees investors create a ‘blank check’ shell company (the SPAC), raise money through an initial public offering, and then use it to acquire the target startup. In those cases, the two companies then merge under the startup's name. The move gives startups a fast-track route to going public.
As part of the merger, a group of institutional investors has committed $35 million in PIPE – a type of private investment that tops up available funds to the merged entity.
