Robbins’s Longview Tapped by Ultrasound Startup for SPAC
- Company valued at $1.5 billion after combination with Longview
- Butterfly’s hand-held ultrasound device costs roughly $2,000
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A Gates Foundation-backed maker of a pocket-sized ultrasound device that can plug into a smartphone is going public through a reverse merger with Larry Robbins’s Longview Acquisition Corp. in a deal that values the company at $1.5 billion.
The transaction is expected to provide Butterfly Network Inc. with more than $580 million in cash, including up to $414 million held in Longview’s trust, assuming early investors choose not to redeem. The capital is expected to help ramp up sales of its Butterfly iQ, the hand-held ultrasound device that costs roughly $2,000. Butterfly, which has been selling the device for two years, says the deal will help accelerate sales around the world.