Expedition travel company Lindblad Expeditions has merged with a Nasdaq-listed public investment company Capitol Acquisition Corp. II in a transaction valued at approximately USD 439 million.
The combined company intends to be listed on the Nasdaq and be renamed Lindblad Expeditions Holdings, following completion of the merger.
The current stockholders of Capitol and the current owners of Lindblad will hold approximately 50% and 49%, respectively, of the issued and outstanding shares of the combined company’s common stock including in-the-money options, with the Lindblad Expeditions- National Geographic Joint Fund for Exploration and Conservation owning approximately 1%.
The combined company will continue to be led by Lindblad President and Founder Sven-Olof Lindblad and the current Lindblad management team.
Completion of the transaction, which is expected in May 2015, is subject to approval by Capitol stockholders and other customary closing conditions.
“We are excited to partner with Capitol Acquisition Corp. II in a transaction that will position Lindblad to move into a new phase in our history and pursue future growth opportunities as a public company,” said Sven-Olof Lindblad. “The additional resources and strong balance sheet will allow us to meet increasing guest demand by expanding our fleet with new vessels and opportunistically seeking accretive strategic acquisitions.”
Lindblad has had a long-standing exclusive strategic partnership for travel on ocean-going ships with National Geographic, which has recently been extended until December 31, 2025.