Alkuri Global’s $4.2 Billion Merger with Babylon Holdings Limited

Sheppard Mullin and Winston & Strawn served as counsel to Alkuri Global Acquisition Corp. on the deal. Freshfields advised Dr. Ali Parsa, Founder, CEO and major shareholder of Babylon, while Allen & Overy and Wilson Sonsini Goodrich & Rosati acted for the company. Paul Hastings LLP advised Jefferies and Citigroup as lead placement agents on the deal.

Babylon Holdings Limited (“Babylon”), a world leading, digital-first value-based care company, and Alkuri Global Acquisition Corp. (NASDAQ:KURI), a special purpose acquisition company, announced that they have entered into a definitive merger agreement. 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 reflects an initial pro forma equity value of approximately $4.2 billion. The transaction is expected to close in the second half of 2021.

Ardea Partners LP is serving as financial advisor, Citi is serving as financial and capital markets advisor to Babylon. Jefferies is serving as exclusive financial advisor to Alkuri Global. Jefferies, Citi and Pareto Securities AB served as placement agents on the PIPE.

The Sheppard Mullin team that represented Alkuri Global was led by partners Eric Klein (Picture) and Matthew Shatzkes and associates William Ziegelbauer and Melissa Gertler, and included numerous specialists in the areas of healthcare compliance, fraud and abuse, telehealth, managed care, health plans, FDA compliance, artificial intelligence and licensure.

The Freshfields team was led by partner Sebastian L. Fain and associate Paul Gray.

The A&O team was led by Corporate M&A partner Will Samengo-Turner in London.

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.

The Wilson Sonsini team representing Babylon in the transaction included: Megan Baier, Michael Labriola, David Sharon, Courtney Matteson, McKenna Pruitt, Mark Holloway, Robert Ishii, Stacy Lee, Catherine Riley Tzipori, Anthony Malone, Sriram Krishnamurthy, Matt Norgard, Marina Tsatalis, Matt Gorman, Farah Gerdes, James Clessuras, Morgan Brown, Matt Staples, Daniel Chen, Derek Wallace, Sunny Dhaliwal, Beau Buffier, Stephen Heifetz, Chris Williams, Anne Seymour and Seth Cowell.

Winston & Strawn represented Alkuri with Kathleen (Katie) Blaszak, Kyle S. Gann, Angela Rohman Russo, David A. Sakowitz, Becky L. Troutman, Nicholas Usher, Scott E. Landau, Alessandra V. Swanson, Benjamin Liss, Siddharth Rajkhowa, Ben D. Smolij, Ryan Meyer, and David M. Chambers.

Involved fees earner: William Samengo-Turner – Allen & Overy; Sebastian Fain – Freshfields Bruckhaus Deringer LLP; Paul Gray – Freshfields Bruckhaus Deringer LLP; Angela Rohman Russo – Kirkland & Ellis; Brandon Bortner – Paul Hastings LLP; Jonathan Ko – Paul Hastings LLP; Frank Lopez – Paul Hastings LLP; James Shea – Paul Hastings LLP; Melissa Gertler – Sheppard, Mullin, Richter & Hampton; Eric Klein – Sheppard, Mullin, Richter & Hampton; Matthew Shatzkes – Sheppard, Mullin, Richter & Hampton; William Ziegelbauer – Sheppard, Mullin, Richter & Hampton; Megan Baier – Wilson Sonsini Goodrich & Rosati; Morgan Brown – Wilson Sonsini Goodrich & Rosati; Beau Buffier – Wilson Sonsini Goodrich & Rosati; Daniel Chen – Wilson Sonsini Goodrich & Rosati; James Clessuras – Wilson Sonsini Goodrich & Rosati; Seth Cowell – Wilson Sonsini Goodrich & Rosati; Sunny Dhaliwal – Wilson Sonsini Goodrich & Rosati; Farah Gerdes – Wilson Sonsini Goodrich & Rosati; Matt Gorman – Wilson Sonsini Goodrich & Rosati; Stephen Heifetz – Wilson Sonsini Goodrich & Rosati; Mark Holloway – Wilson Sonsini Goodrich & Rosati; Robert Ishii – Wilson Sonsini Goodrich & Rosati; Sriram Krishnamurthy – Wilson Sonsini Goodrich & Rosati; Michael Labriola – Wilson Sonsini Goodrich & Rosati; Stacy Lee – Wilson Sonsini Goodrich & Rosati; Anthony Malone – Wilson Sonsini Goodrich & Rosati; Courtney Matteson – Wilson Sonsini Goodrich & Rosati; Matthew Norgard – Wilson Sonsini Goodrich & Rosati; Catherine Riley Tzipori – Wilson Sonsini Goodrich & Rosati; Anne Seymour – Wilson Sonsini Goodrich & Rosati; David Sharon – Wilson Sonsini Goodrich & Rosati; Matthew Staples – Wilson Sonsini Goodrich & Rosati; Marina Tsatalis – Wilson Sonsini Goodrich & Rosati; Derek Wallace – Wilson Sonsini Goodrich & Rosati; Christopher Williams – Wilson Sonsini Goodrich & Rosati; Kathleen Blaszak – Winston & Strawn; David Chambers – Winston & Strawn; Kyle Gann – Winston & Strawn; Scott Landau – Winston & Strawn; Benjamin Liss – Winston & Strawn; Ryan Meyer – Winston & Strawn; Siddharth Rajkhowa – Winston & Strawn; David Sakowitz – Winston & Strawn; Ben Smolij – Winston & Strawn; Alessandra Swanson – Winston & Strawn; Becky Troutman – Winston & Strawn; Nicholas Usher – Winston & Strawn;

Law Firms: Allen & Overy; Freshfields Bruckhaus Deringer LLP; Kirkland & Ellis; Paul Hastings LLP; Sheppard, Mullin, Richter & Hampton; Wilson Sonsini Goodrich & Rosati; Winston & Strawn;

Clients: Ali Parsa; Alkuri Global Acquisition Corp; Babylon Health Ltd; Citigroup Global Markets Ltd; Jefferies;

Author: Martina Bellini