Bird Rides, a provider of environmentally friendly electric transportation, completed its business combination with Switchback II Corporation, a publicly traded special purpose acquisition company. In connection with the closing of the business combination, the combined company, Bird Global, received approximately $414 million in incremental liquidity through a combination of Switchback II cash in trust, the proceeds of a previously announced private placement and availability under Bird’s credit facility with Apollo Investment Corporation and MidCap Financial Trust, in each case before payment of fees and expenses related to the business combination. The business combination was approved on Nov. 2 by Switchback II’s shareholders at an extraordinary general meeting.
“Today marks a significant milestone for Bird, all of our team members around the world and eco-friendly transportation,” Travis VanderZanden, founder and CEO of Bird Rides, said. “I founded Bird over four years ago with a mission to provide environmentally friendly transportation for everyone. Since 2017, we have expanded our shared micro-mobility service to more than 350 cities globally and have introduced a fleet of retail and direct-to-consumer micro-electric vehicles. With the support of Switchback II and proceeds from this transaction, we are well positioned for continued growth and expansion of our mission.”
“We were attracted to Bird for its market leadership position, experienced and innovative leadership team and compelling business model, along with its identified levers for growth,” Jim Mutrie and Scott McNeill, co-CEOs and directors of Switchback II, said in a joint statement. “We are pleased to have witnessed those initial impressions at work through the entirety of the business combination process and as the company continues to execute against and deliver exceptional financial and operational results. We look forward to continuing to support Bird as it furthers its mission and capitalizes on the significant addressable market in which it operates.”
To celebrate the completion of the merger and Bird Global’s public listing on the New York Stock Exchange under the trading symbol BRDS, members of Bird Global’s leadership team rang the opening bell at the NYSE on Nov. 5.
Credit Suisse Securities acted as exclusive financial and capital markets advisor to Bird. Goldman Sachs acted as exclusive financial advisor to Switchback II. Latham & Watkins acted as legal advisor to Bird and Vinson & Elkins acted as legal advisor to Switchback II.
