Latham & Watkins Advises Merlin in Business Combination Agreement With Bleichroeder Acquisition Corp. I

Merlin, a leading developer of assured, autonomous flight technology for defense customers, and Bleichroeder Acquisition Corp. I (BAC), a SPAC led and backed by the management team of Inflection Point Asset Management (Inflection Point), which will be renamed Inflection Point Acquisition Corp IV (Nasdaq: BACQ), has announced that they have entered into a definitive business combination agreement (BCA). The proposed transaction is expected to close in early 2026, subject to customary closing conditions, including regulatory and shareholder approval. As the leading defense prime contractor for AI in aviation, the deal values Merlin at US$800 million pre-money, and has over US$125 million in committed PIPE capital, US$78 million of which has been funded at the BCA signing to further accelerate growth.

Latham & Watkins LLP advised Merlin in the transaction with a corporate/M&A team led by Boston partner Steve Ranere and Houston partner Nick Dhesi, with associates Erik Thompson, Michael Pioso, and Jessica Kerr. Advice was also provided on capital markets matters by Houston/New York partner John Slater, with associates Paul Robe, Carol Bale, and Logan McDowell; on benefits matters by Los Angeles/Orange County partner Michelle Carpenter, with associate Julie Voorhes; on tax matters by Houston partner Jared Grimley, with associate Joe Marcus; on government contracts matters by Washington, D.C. partner Dean Baxtresser, with associate Cassie Martin Andry; and on intellectual property matters by associates Deborah Hinck and Daniel Barks.