Deals
Amazon-Backed Ecobee Said in Talks With Canaccord SPAC
- Ecobee’s thermostat competes against Google’s Nest product
- Enterprise value of combined firm would be about $490 million
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Ecobee Inc., a home automation startup backed by the Amazon Alexa Fund, is in talks to go public through a merger with blank-check firm Canaccord Genuity Growth II Corp., according to people with knowledge of the matter.
A transaction is set to value the combined company at about $490 million, including debt, said one of the people. The Canaccord special purpose acquisition company has discussed raising about $50 million in new equity to support the deal, though terms could still change, the person added. As with all deals that haven’t been finalized, talks could fall apart.