Nettar Group Inc. (Satellogic) Enters Definitive Merger Agreement with CF Acquisition Corp (NASDAQ: CFV)

Cantor Fitzgerald sponsored special acquisition firm, CF Acquisition Corp. V (NASDAQ: CFV), and satellite data collection company Nettar Group Inc. (Satellogic) have announced a definitive merger agreement that will take Satellogic public. 

Transaction to close in Q4 2021

The companies expect to complete the then transaction in Q4 2021, after which Satellogic will start trading on the Nasdaq Capital Markets under the symbol “SATL.” Finalizing the transaction will be subject to customary closing requirements and regulatory approval. 

The merger transaction reflects a pro forma value of around $850 million for Satellogic, which is a multiple of 1.1x estimated revenue of $800M by 2025. In addition, the transaction will result in a balance sheet of $274 million after factoring in debt repayment and transaction expenses. 

Satellogic founder and CEO Emiliano Kargieman said that since its establishment, its focus has been democratizing geospatial data access to help address the most pressing issues in the world. He said that signing the agreement for the merger is a massive milestone that brings the company closer to realizing that goal. In addition, Kargieman said that the merger would allow Satellogic to continue building its satellites constellations. 

Satellogic remaps the world daily. 

Satellogic has positioned itself as the only company with the ability to remap the world each day at the sub-meter resolution necessary for addressing commercial applications. In addition, the company has a track record of getting satellites to orbit and scale at almost zero marginal cost. 

CFAC V CEO and Chairman Howard W. Lutnick said, “Satellogic is uniquely positioned to dominate the Earth Observation industry. Its technology, data, and analytics have vast use cases across countless industries.” He added that they are delighted to partner with Satellogic to launch more than 300 satellites.  

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