ReNew Power to Publicly List through Business Combination with RMG Acquisition Corporation II (RMGB) in $8 Billion Transaction

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ReNew Power, India’s Leading Renewable Energy Company, to Publicly List through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction

February 24, 2021 6:30 AM EST

ReNew Power, Indias leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II (RMG II); upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol RNW Pro forma consolidated & fully diluted enterprise value of approximately $8 billion; transaction expected to close in the second quarter of 2021, subject to customary closing conditions Total anticipated proceeds of $1.2 billion, comprised of $855 million, upsized, fully-committed private placement of common stock in ReNew Power (the PIPE) and $345 million of gross cash held in... More