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White & Case Advises Soaring Eagle Acquisition Corp. on Its Business Combination with Ginkgo Bioworks

Global law firm White & Case LLP has advised Soaring Eagle Acquisition Corp., a special purpose acquisition company (SPAC), on its agreement to combine with Ginkgo Bioworks, Inc., a leading AI-data-driven proteomics platform for advanced research and clinical application. We also advised Soaring Eagle on obtaining commitments from institutional investors for a US$775 million PIPE in connection with the transaction.

The business combination values Ginkgo Bioworks, Inc. at a US$15 billion pre-money equity valuation and is expected to provide up to US$2.5 billion of primary proceeds. Soaring Eagle intends to change its name to Ginkgo Bioworks Holdings, Inc.

Earlier this year, White & Case LLP advised Soaring Eagle Acquisition Corp. on its US$1.725 billion initial public offering of 172.5 million units, at a price of US$10.00 per unit, including the exercise by the underwriters of their over-allotment option in full.

This is the seventh SPAC sponsored by the Eagle Equity Partners team, led by Harry E. Sloan, Jeff Sagansky and Eli Baker, for which the White & Case SPAC team has advised on both its initial public offering and business combination transaction.

The White & Case team that advised on the transaction was led by partners Joel Rubinstein, Jonathan Rochwarger and James Hu, and included partners Howard Wettan and Andres Liivak, and associates Taryn Zucker, Hiroyuki Koda, Hailey Bair, Anthony Johnson, M.K. Kang, Elizabeth Mapelli, Cristen Callan, Elizabeth Goodwin, Suzanne Knijnenburg (all in New York) and Ajita Shukla in Washington, DC.

Since June 2020, White & Case has advised on over 100 IPOs for SPACs and underwriters and on over 30 business combination transactions for SPACs and target companies.

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