Medical imaging provider Butterfly Network to merge with SPAC Longview in $1.5 billion deal

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Butterfly Network Inc. said Friday it has agreed to merge with special purpose acquisition corporation Longview Acquisition Corp. in a deal with an enterprise value of $1.5 billion. The combined company will list on the New York Stock Exchange under the ticker “BFLY.” It will have about $584 million in cash to develop its digital imaging technology. Butterfly iQ is an ultrasound transducer that can perform “whole body imaging’ with a single handheld probe using chip technology that connects to a mobile phone or tablet, the companies said in a statement. Butterfly’s early investors include Baillie Gifford, The Bill and Melinda Gates Foundation and Fosun Industrial Co., Limited. Butterfly’s aim is to make superior medical imaging at more affordable prices. The deal is expected to close in the first quarter of 2021. Longview shares were up 4% premarket.
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