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Schroder UK Public Private’s Benevolent AI in SPAC deal

Schroder UK Public Private’s Benevolent AI in SPAC deal – Schroder UK Public Private (SUPP) holding BenevolentAI has entered into a definitive agreement for a business combination with Odyssey Acquisition, a Euronext Amsterdam-listed investment company – and a special purpose acquisition company or SPAC.

The combination will be effected by way of a share exchange and BenevolentAI shareholders will receive Class A ordinary shares of Odyssey in exchange for their shares of BenevolentAI. As a result of the share exchange, BenevolentAI will become a wholly-owned subsidiary of Odyssey, which, following the closing of the transaction, will change its name to BenevolentAI.

The company is expected to benefit from a strong cash position, including €135m fully-committed private placement, €300m of gross cash held in escrow by Odyssey (prior to any redemptions) and an estimated €56m of cash on BenevolentAI’s balance sheet as at 30 November 2021. Following the closing of the transaction, the combined company will be listed on Euronext Amsterdam. The combined company will continue to be headquartered in London.

Customary lock-up arrangements will apply to certain shareholders and directors, including Schroder UK Public Private’s shares which will be restricted from resale for a period of 180 days. The trust’s holding in BenevolentAI stands at 5.2% of the portfolio as at 30 September 2021.

SUPP : Schroder UK Public Private’s Benevolent AI in SPAC deal

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