Global law firm White & Case LLP has advised InterPrivate III, a publicly traded special purpose acquisition company (SPAC), in a De-SPAC merger with Aspiration Partners, a global leader in Sustainability-as-a-Service solutions for consumers and companies. The transaction implies a pro forma equity valuation for Aspiration of US$2.3 billion.
Aspiration offers an ecosystem of sustainable banking services, credit cards and investment products that help customers keep their deposits out of fossil fuels, automatically plant trees with every card purchase, and track business and personal Planet & People impact scores so that they can shop with a conscience. Aspiration's technology and tools also provide bundled solutions that help businesses meet the demand for sustainability from their customers and employees by offsetting their carbon footprints and developing co-branded products and services that mitigate climate change.
The deal is expected to close in the fourth quarter of 2021.
The White & Case team that advised on the transaction was led by partner Bryan Luchs, (M&A) in New York, and A.J. Ericksen (Capital Markets), Bill Parish and Hannah Craft (M&A) in Houston. The team also included partners Claudette Druehl (Capital Markets) in New York and Laura Sizemore in London, and associates Elizabeth Goodwin and Cristen Callan (M&A) in New York; Stephen Perry and Rachel Collier (Capital Markets) in Houston; partner Taylor Pullins (Environmental) in Houston; partner Victoria Rosamond and associate Michael Xu (Employment Compensation and Benefits) in New York; partner Arlene Arin Hahn in New York and associates Amy Bagdasarian in Silicon Valley and Nashel Jung (Intellectual Property) in New York; partner Douglas Landy (Bank Advisory) in New York; partner Steven Lutt and associates Julianne Prisco and Christian Berger (Real Estate) in New York; partner Sang Ji in New York and associate Mitchell Li (Tax) in Chicago; counsel Paul Pittman and associate Mark Williams (Data, Privacy & Cybersecurity) in Washington, DC; and partner Rebecca Farrington (Antitrust/Competition) in Washington, DC.
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