Jefferies and Citigroup Serve as Placement Agents in Babylon’s $4.2 Billion Business Combination with Alkuri Global Acquisition Corp.

New York and Los Angeles – Paul Hastings LLP, a leading global law firm, announced today that it advised Jefferies and Citigroup as lead placement agents for a PIPE transaction for the business combination between Babylon Holdings Limited, a world leading, digital-first value-based care company and Alkuri Global Acquisition Corp, a special purpose acquisition company.

The transaction reflects an initial pro forma equity value of approximately $4.2 billion, and is expected to close in the second half of 2021. Upon closing of the transaction, the combined company will operate as Babylon and plans to trade on Nasdaq under the new symbol "BBLN".

The transaction is expected to deliver up to $575 million of gross proceeds to fund Babylon's pro forma balance sheet. The combination is further supported by a $230 million private placement (PIPE) by investors which include Palantir, AMF Pensionsförsäkring, Sectoral Asset Management and Swedbank Robur.

The Paul Hastings team that advised Jefferies and Citigroup was led by partners Frank Lopez, Jonathan Ko and Brandon Bortner, of counsel James Shea, and associate Mia Seder.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.