Kirkland & Ellis advised JAWS Spitfire Acquisition Corporation (NYSE: SPFR), a special purpose acquisition company, on its business combination agreement with VELO3D, a leader in additive manufacturing for high value metal parts. Upon completion of the transaction the combined company will operate as VELO3D and will be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “VLD.” The transaction values the combined company at an enterprise value of approximately $1.6 billion. VELO3D will receive up to $345 million in proceeds from JAWS Spitfire’s cash in trust and a $155 million private placement of common stock. The transaction is subject to customary closing conditions and is expected to close in the second half of 2021.
The Kirkland team was led by corporate partners David Perechocky and Michael Brueck and associates Patrick Moneypenny and Blair Baker, capital markets partner Christian Nagler and associate Anthony Zangrillo, executive compensation partner Michael Krasnovsky and associate Faye Whiston, technology & IP transactions partner Aaron Lorber, employee benefits partner Jeffrey Quinn, labor & employment partner Richard Kidd, tax partners Mike Beinus and Meredith Levy, and international trade partner Mario Mancuso.