Sidley Austin Steers Apex Clearing on $4.7 Billion SPAC Merger

Sidley Austin is representing Apex Clearing Holdings LLC, which provides digital securities custody and clearing technology, on its merger with a special purpose acquisition company.

New York-based law firm Graubard Miller is advising the SPAC, Northern Star Investment Corp. II, which was started by Jonathan Ledecky, co-owner of the National Hockey League’s New York Islanders.

After closing, expected in the second quarter, the combined company will become publicly listed on the NYSE under the new ticker symbol “APX,” with an enterprise value of about $4.7 billion, according to a statement.

The transaction is expected to provide up to $850 million ...