Churchill Capital Corp VII to take CorpAcq public in deal valued at $1.58B

CorpAcq Holdings and Churchill Capital Corp VII, a special purpose acquisition company, announced that they have entered into a definitive agreement for a business combination. The transaction values CorpAcq at a pro forma enterprise value of approximately $1.58B and is expected to provide CorpAcq with up to $592M in the cash held in Churchill VII’s trust account. Upon closing of the transaction, the combined company will operate as CorpAcq and intends to list on the New York Stock Exchange. Based in Altrincham, England and founded in 2006, CorpAcq defines itself as the “preferred buyer” for founder-led small and medium-sized enterprises. CorpAcq founder and chairman Simon Orange will continue to lead the company, along with Chief Executive Officer David Martin. Upon completion of the transaction, CorpAcq expects to have up to approximately $199M in cash on its balance sheet, of which $129M is coming from transaction proceeds. Assuming no redemptions, existing CorpAcq shareholders will receive up to approximately $257M in cash as part of the transaction and are expected to own approximately 46% of the company post-close. The transaction has been approved by the boards of CorpAcq and Churchill VII, is expected to close in late 2023 or early 2024.