Latham & Watkins Advises the Placement Agents in Connection With Grove Collaborative’s US$1.6 Billion Business Combination With Virgin Group Acquisition Corp. II
Grove Collaborative, a leading sustainable consumer products company, and Virgin Group Acquisition Corp. II (VGII) (NYSE: VGII), a publicly-traded special purpose acquisition company (SPAC) sponsored by Virgin Group, have announced they have entered into a definitive business combination agreement that will result in Grove becoming a public company. Upon closing of the transaction, the combined company will continue to operate under the Grove name and will be listed on the NYSE under the new “GROV” ticker symbol.
The transaction will provide up to US$435 million in net proceeds to the Company, including an US$87 million fully committed common stock PIPE at US$10 per share.
Latham & Watkins LLP represents the placements agents in the transaction with a corporate deal team led by Washington, D.C. partner Shagufa Hossain and New York partner Michael Benjamin, with Houston associates Om Pandya and Sarah Dunn.