Ropes & Gray advised the publicly traded special purpose acquisition company Social Leverage Acquisition Corp. (SLAC), with $345 million in trust, in its agreement to merge with W3BCLOUD, a storage and compute infrastructure provider for Web3. Upon closing, the company will be named W3BCLOUD, Inc. Shares are expected to trade on a national exchange. The transaction was announced on Aug. 1 in a press release<.
The transaction values the combined company at an enterprise value of $1.25 billion. The company will receive up to $345 million in proceeds from SLAC’s cash in trust. W3BCLOUD has also received commitments for $40 million from ConsenSys, SK Inc. and others, and has an agreement with AMD for an additional equity investment of $10 million.
The Ropes & Gray team that advised SLAC was led by private equity partner Carl Marcellino, and included tax partner Elaine Murphy, capital markets partners Daniel Forman and Paul Tropp, IP transactions partner Regina Sam Penti, benefits partner Loretta Richard and tax counsel Michael Mendelevich.
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