Shearman & Sterling advised AlbaCore Capital Group (AlbaCore) in relation to its investment of up to $200 million in Babylon Holdings Limited (Babylon). The investment is sustainability-linked, whereby the interest rate of the notes is linked to the delivery of affordable healthcare to under-served areas. As part of the investment, AlbaCore will also receive 0.5 percent penny warrants capped at $15 per share.
The level of investment is to be determined at Babylon’s option upon closing of the merger with Alkuri Global Acquisition Corp. (Alkuri). Alkuri, a publicly traded special purpose acquisition company. Together with the proceeds from the transaction with AlbaCore, Babylon will have access to up to $775 million of capital following the merger with Alkuri.
AlbaCore is a European credit investment firm. Babylon is one of the world’s fastest growing digital healthcare companies.