SoftBank-backed SPAC to take Mapbox public in $2 bln deal - Sky News

  • 4/23/2021
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Mapbox, a location data services provider, is in talks to go public through a merger with a blank-check firm backed by SoftBank Group Corp (9984.T) in a deal that could value the company at around $2 billion, according to a Sky News report on Friday. The San Francisco-headquartered company is in talks with SVF Investment Corp 3 (SVFC.O) to take it public, the report said, citing a U.S. banking source. Investment banks including Cantor Fitzgerald LP, Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE), JPMorgan Chase & Co (JPM.N) and UBS AG could be involved in the deal, Sky said. SoftBank has invested in Mapbox through its tech-focused Vision Fund, which led a $164 million funding round for the company in 2017. Mapbox, whose website showed it has raised a total $226 million so far, was valued at $1.2 billion as of April 2020, according to data from PitchBook. Founded in 2010, the company provides mapping services and a location cloud platform for developers. The company does not have an app but it has over 700 million monthly active users of its maps and is 100% carbon neutral, according to its website. The company"s customers include Facebook Inc (FB.O), Snap Inc (SNAP.N), IBM Corp (IBM.N), Lonely Planet, CNN and Instacart. SoftBank did not immediately respond to a Reuters request for comment, while Mapbox could not be reached. Our Standards: The Thomson Reuters Trust Principles.

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