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 in gross proceeds that Apex plans to use to accelerate and support expansion of its platform. That amount includes about $450 million from investors including Fidelity Management & Research Co. and Coatue Management.
Apex says its 200-plus financial services industry clients represent more than 13 million customer accounts, including over 1 million crypto accounts opened in 2021.
“We are in the first inning of the digital revolution in financial services, and our merger with Northern Star will provide Apex with the resources and flexibility to accelerate our growth, scale our platform, and expand our offerings and market share alongside our clients,” said Apex CEO William Capuzzi.