Zolak/iStock via Getty Images
Southland Holdings, a provider of infrastructure construction services, plans to merge with SPAC Legato Merger Corp. II (LGTO) (LGTOU) through a deal that pegs the combined company at an enterprise value of $810M.
Under the proposed deal, Southland shareholders will receive up to $498M in cash and stock, including $343M in Legato II stock and $50M in cash. Shareholders could also get an additional 10.3M shares of Legato II stock, valued at $105M, if certain financial targets are met.
After the closing, which is expected in Q4, Southland will become a wholly-owned subsidiary of Legato II. The combined company will be called Southland Holdings.
For more SPAC news, check out SA’s SPAC News page.