Dubai-based Swvl to go public through merger with SPAC Queen's Gambit in a deal valued at $1.5 billion
Swvl Inc., the Dubai-based mass transit and shared mobility services provider, is set to go public through a merger with special purpose acquisition company (SPAC) Queen's Gambit Growth Capital (GMBT), in a deal with an equity value of $1.5 billion. Shares of Queens Gambit rose 1.6% in morning trading. After the deal closes, which is expected to occur in the fourth quarter of 2021, the company will be named Swvl Holdings Corp. and the stock is expected to trade on the Nasdaq under the ticker symbol "SWVL." The deal is expected to provide proceeds of up to $445 million to the combined company, which the company plans to use to fund and accelerate Swvl's growth strategy, which includes a goal of more than $1 billion in annual revenue and to expand to 20 countries by 2025. Queens Gambit's stock, which started trading on March 15, has now edged up 0.3% over the past three months while the S&P 500 has tacked on 5.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 28, 2021 09:38 ET (13:38 GMT)
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