Brivo to go public via SPAC merger

Access control and smart building technology provider Brivo Systems LLC is set to go public after it agreed to merge with blank-check company Crown Proptech Acquisitions.

The combined company will have an estimated enterprise value of $808 million.

The merger will provide Brivo with up to $304 million in cash proceeds, including a $75 million private investment in public equity, or PIPE, led by Golub Capital LLC's credit opportunities unit.

Eagle Eye Networks Inc. will also make a strategic investment in the PIPE.

Brivo will use the proceeds for product development and customer acquisition, among other undertakings.

Brivo's class A common stock will be listed on the NYSE under the ticker BRVS.

The transaction is expected to close in the first half of 2022.

Imperial Capital is acting as Brivo's financial adviser, and Latham & Watkins LLP is serving as Brivo's legal counsel.

RBC Capital Markets LLC is acting as financial and capital markets adviser to Crown and as a placement agent on the private placement. Davis Polk & Wardwell LLP is serving as Crown's legal adviser.

Shearman & Sterling LLP is acting as legal adviser to RBC Capital Markets LLC.