Babylon Reaches $4.2 Billion Deal With Ex-Groupon CEO’s SPAC (2)

Babylon Holdings Ltd., the medical startup that connects patients and doctors via an app, is going public via a merger with a blank-check company run by former Groupon Inc. executives.

Alkuri Global Acquisition Corp. is raising about $230 million from investors including Palantir Technologies Inc. in a private placement to support the deal, according to a statement Thursday. The transaction implies an equity value of about $4.2 billion for Babylon and is expected to close in the second half of 2021.

New backers including Swedish pension fund AMF Pensionsforsakring, health care-focused investor Sectoral Asset Management and Scandinavian asset manager ...