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Butterfly Network to merge with Longview Acquisition in $1.5 billion deal

by John R. Fischer, Senior Reporter | November 24, 2020
Business Affairs Ultrasound
Butterfly Network is set to merge with Longview Acquisition in a $1.5 billion deal
Butterfly Network is merging with Longview Acquisition, a special purpose acquisition company, in a deal valued at $1.5 billion. The combination of the two is expected to increase adoption of Butterfly’s handheld ultrasound solutions.

“Ultimately, this is a strong partnership that will drive further adoption of Butterfly Network’s breakthrough solutions and accelerate our future pipeline of innovative technologies as we continue our work to make high-quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected," Laurent Faracci, chief executive officer of Butterfly, told HCB News.

Butterfly is the developer of Butterfly iQ, the only transducer using semiconductor technology to perform “whole-body imaging” with a single handheld probe, and AI to generate quality images. It connects to a mobile phone or tablet, and is powered by Butterfly’s proprietary Ultrasound-on-Chip technology. The company launched the solution in 2018 and a follow-up solution, Butterfly IQ+ in 2020.

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The deal is anticipated to bring in $589 million of gross proceeds, including up to $414 million of cash held in Longview’s trust account, assuming no redemptions are effected. Further supporting it is a $175 million private investment in public equity (PIPE) at $10 per share, The merger has been unanimously approved by the boards of directors for Butterfly and Longview, and Butterfly is projected to have approximately $584 million in cash on the balance sheet after closing.

Once the merger is complete, Butterfly will become a wholly-owned subsidiary of Longview, and Longview will be renamed Butterfly Network. Faracci will continue as CEO of the combined company and Dr. Rothberg will serve as chairman of its board. Larry Robbins, chairman of Longview, will become a member of the combined company’s board. The combined company’s Class A common stock is expected to be traded on the New York Stock Exchange under the symbol, BFLY.

The deal is subject to approval by Longview’s stockholders and other customary closing conditions, and is expected to be completed in the first quarter of 2021.

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