Local Bounti Agrees $1.1 Billion Merger With Leo Holdings SPAC

Local Bounti Corp., an indoor agriculture startup, has agreed to go public through a merger with blank-check firm Leo Holdings III Corp.

The transaction will value the combined entity at about $1.1 billion, according to a statement Friday that confirmed an earlier Bloomberg News report.

To support the deal, Leo Holdings III raised $125 million via a so-called private investment in public equity, or PIPE, from investors including Fidelity Management & Research Co., Cargill Inc., BNP Paribas Asset Management Ecosystem Restoration Fund and Sarath Ratanavadi of Gulf Energy Development Public Co. Cargill is additionally slated to provide $200 million ...