Sarcos Technology and Robotics Closes USD 100m Acquisition of RE2.
MANews-(C)2009-2022
Utah, US-based industrial robotic systems provider Sarcos Technology and Robotics Corp. (NASDAQ: STRC) (NASDAQ: STRCW) has closed its acquisition of Pittsburgh-based mobile robotic systems provider RE2, Inc in a USD 100m transaction, the company said.
Total consideration for the transaction was USD 100m, consisting of USD 30m in cash and 14m shares of Sarcos common stock that were either newly issued or underlie assumed options.
Following the transaction, the shared product suite will enable the combined company to target broader spectrum of customer needs across the commercial and defense sectors.
The combined company expects to advance robotic autonomy in unstructured environments by leveraging RE2's Detect outdoor computer vision solution and Intellect autonomy software along with the Sarcos Cybernetic Training for Autonomous Robots (CYTAR) AI and machine learning program.
Wilson Sonsini Goodrich and Rosati, Professional Corp. is acting as legal counsel and PJT Partners is acting as financial advisor to Sarcos.
Blank Rome LLP and Cherin Law Offices, P.C. are acting as legal counsel and...
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