Kirkland & Ellis advised Footprint, Inc., a global materials science technology company focused on sustainable solutions, on its business combination with Gores Holdings VIII, Inc. (Nasdaq: GIIXU, GIIX and GIIXW), a special purpose acquisition company formed by an affiliate of The Gores Group, LLC. Upon closing of the proposed transaction, the combined company will be named “Footprint International, Inc.” and is expected to be listed on NASDAQ under the ticker symbol “FOOT.” The combined company is expected to have a pro forma enterprise value of $1.6 billion. The transaction includes a $150 million Class C investment, which will be funded immediately, and a $310 million PIPE investment. The PIPE investment, which was oversubscribed, and Class C Preferred Financing are anchored by Koch Strategic Platforms and include a meaningful commitment from Gores Holdings VIII Sponsor and affiliates. The business combination is expected to close in the first half of 2022, subject to customary closing conditions.
The Kirkland team was led by corporate partners Adam Phillips, Francisco Morales Barron and Edward Lee and associates Katya Boyko, Frank Mastroianni, Christina Beyer, Jessica Jaw and Raisa Masud, capital markets partners Robert Hayward and Michael Keeley and associates AJ Million, Johnny Ellis, Tala Esmaili and Brandan Matthews, debt finance partners David Nemecek and Omar Raddawi and associate Conor O’Muiri, and executive compensation partner Rohit Nafday and associate Tony Guan.