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The 10 biggest merger and acquisition stories of 2020

by Gus Iversen, Editor in Chief | December 30, 2020
Business Affairs

Butterfly Network to merge with Longview Acquisition in $1.5 billion deal

Butterfly Network announced in November it would be merging with Longview Acquisition, a special purpose acquisition company, in a deal valued at $1.5 billion. The combination of the two is expected to increase adoption of Butterfly’s handheld ultrasound solutions.

“Ultimately, this is a strong partnership that will drive further adoption of Butterfly Network’s breakthrough solutions and accelerate our future pipeline of innovative technologies as we continue our work to make high-quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected," Laurent Faracci, chief executive officer of Butterfly, told HCB News.

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Butterfly is the developer of Butterfly iQ, the only transducer using semiconductor technology to perform “whole-body imaging” with a single handheld probe, and AI to generate quality images. It connects to a mobile phone or tablet, and is powered by Butterfly’s proprietary Ultrasound-on-Chip technology. The company launched the solution in 2018 and a follow-up solution, Butterfly IQ+ in 2020.

The deal is anticipated to bring in $589 million of gross proceeds, including up to $414 million of cash held in Longview’s trust account, assuming no redemptions are effected. Further supporting it is a $175 million private investment in public equity (PIPE) at $10 per share, The merger has been unanimously approved by the boards of directors for Butterfly and Longview, and Butterfly is projected to have approximately $584 million in cash on the balance sheet after closing.

Once the merger is complete, Butterfly will become a wholly-owned subsidiary of Longview, and Longview will be renamed Butterfly Network. Faracci will continue as CEO of the combined company and Dr. Rothberg will serve as chairman of the board.

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