Crown Proptech Acquisitions $808 million merger with Brivo
We are advising Crown Proptech Acquisitions on the transaction
Davis Polk is advising Crown Proptech Acquisitions on its $808 million merger with Brivo, Inc. Upon closing, the combined company will operate as Brivo, and its Class A common stock is expected to be listed under the ticker symbol “BRVS.” A fund affiliated with and managed by Golub Capital will anchor a PIPE investment of $75 million in convertible notes of the combined company that will close concurrently with the business combination subject to satisfaction of related conditions. Eagle Eye Networks is also a strategic investor in the PIPE. The transaction will require the approval of the stockholders of Crown, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first half of 2022.
Crown PropTech Acquisitions is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities, with a focus on businesses that provide technological innovation to the broader real estate ecosystem. Brivo is a global leader in mobile, cloud-based access control for commercial real estate, large distributed enterprises and multifamily residential.
The Davis Polk corporate team includes partners William L. Taylor, Pedro J. Bermeo and Ray Ibrahim and associates Malik M. Khalil, Gil Savir, Shaoting Qin and Tomer Magid. Partner Pritesh P. Shah is providing intellectual property and technology advice. Partner Mario J. Verdolini is providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.