BigBear.ai has completed its merger with special purpose acquisition company GigCapital4 to create a new entity that will trade on the New York Stock Exchange starting Wednesday and help customers make decisions with the use of artificial intelligence technology.
The combined business will operate as BigBear.ai Holdings and the transaction gives it a pro forma enterprise value of nearly $1.38 billion, the company said Tuesday.
“As a public company, we plan to build value for shareholders by continuing our strong momentum in the government and defense sectors and accelerating our penetration of targeted commercial markets like space, maritime, transportation & logistics, energy, retail and infrastructure,” said Reggie Brothers, CEO of BigBear.ai and a 2021 Wash100 Award recipient.
The companies announced the deal’s closure four days after shareholders at GigCapital4 approved the merger at a special meeting.
Prior to the combination, BigBear.ai’s private equity owner AE Industrial Partners entered into a $75 million backstop agreement to purchase up to 7.5 million shares of GigCapital stock.