Lavoro to go public on Nasdaq after $1.2 billion deal to be acquired by SPAC TPB Acquisition

Lavoro Ltd., a Brazil-based agricultural inputs retailer, will go public in the U.S. after agreeing to be acquired by special purpose acquisition company (SPAC) TPB Acquisition Corp. TPBA, +0.82% in a deal with an implied enterprise value of $1.2 billion. The deal it expected to close in the fourth quarter of 2022, with the new company expected to list on the Nasdaq under the ticker symbol “LVRO.” Cash proceeds to Lavoro from the deal is estimated to be $225 million. “We have already driven significant year-over-year growth and delivered meaningful value to farmers – and we think the next steps in our journey will have even greater positive impact,” said Lavoro Chief Executive Ruy Cunha. TPB Acquisition’s stock rose 1.1% in premarket trading, while futures ES00, -0.61% for the S&P 500 SPX, -0.61% slipped 0.3%.