May 12, 2021
Bird Rides, Inc. (Bird), a leader in shared short range environmentally friendly electric transportation, and Switchback II Corporation (NYSE: SWBK) (Switchback), a publicly traded special purpose acquisition company with a strategic focus on the energy transition sector, have announced the signing of a definitive business combination agreement that would make Bird a public company, pending Switchback shareholder approval and satisfaction of other customary closing conditions. At closing, anticipated in the third quarter of 2021, the combined company will be named Bird Global, Inc. and is expected to be listed on the New York Stock Exchange (NYSE). The transaction implies a pro forma enterprise valuation for Bird of US$2.3 billion.
Latham & Watkins LLP represents Bird in the transaction with a corporate deal team led by New York partner Justin Hamill, Washington, D.C. partner Rachel Sheridan, and New York counsel Michael Anastasio, with associates Christopher Clark and Hayoon Kim, and with assistance from Los Angeles partner Christopher Shoff and Century City partner David Zaheer. Advice was also provided on debt finance matters by Los Angeles partner Mark Morris; on tax matters by Bay Area partner Katharine Moir, with associate Alan Kimball; and on benefits and compensation matters by Los Angeles partner Michelle Carpenter, with associate Jordan David.