Markforged to Go Public in $2.1 Billion Blank-Check Deal

(Bloomberg) -- 3D printer-maker Markforged Inc. has agreed to go public through a merger with a blank-check company started by Eventbrite Inc. co-founder Kevin Hartz.

The deal with Hartz’s firm, One, values the combined equity at $2.1 billion, the companies said in a statement.

“We’re focused on making manufacturing even better by capitalizing on the huge opportunity ahead, and we are making this important leap through our new long-term partnership with Kevin Hartz and the entire team at One,” Shai Terem, Markforged’s chief executive officer said.

To support the transaction, the special purpose acquisition company, or SPAC, will raise $210 million from investors including Baron Capital Group, BlackRock Inc., Miller Value Partners, Wasatch Global Investors and Wellington Management. Microsoft Corp.’s Venture Fund and Porsche Automobil Holding SE will also participate.

One of Markforged’s rivals, Desktop Metal Inc. went public in December through a merger with another SPAC, Trine Acquisition Corp.

Markforged, based in Watertown, Massachusetts, was founded in 2013 and has raised $137 million to date, according to the statement. Some of its customers include Tesla Inc., Microsoft and Amazon.com Inc., its website shows.

The SPAC, One, went public in August after raising $215 million, including the so-called greenshoe overalottment, at $10 a unit. It closed Tuesday at $12.36 a unit.

Citigroup Inc. and William Blair advised Markforged on the transaction, while Goldman Sachs Group Inc. advised One.

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