Nov 7, 2022, 09:42 AM
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Digital lidar company Ouster and lidar sensors and solutions developer Velodyne Lidar have entered into a definitive agreement to merge in an all-stock transaction. The combination reportedly brings together roughly $400 million in market value.
Under the terms of the agreement, which the companies signed Friday, Nov. 4, each Velodyne share will be exchanged for 0.8204 shares of Ouster at closing. The transaction will result in existing Velodyne and Ouster shareholders each owning approximately 50% of the combined company, based on current shares outstanding.
Both companies will continue to operate their businesses independently until the close of the merger transactions. The merger transactions are expected to be completed in...