Corporate transportation firm Gett takes $1 bln SPAC deal route to go public

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A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. REUTERS/Brendan McDermid

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Nov 10 (Reuters) - Corporate transportation company GT Gettaxi Ltd (Gett) will go public by merging with a blank-check firm in a deal valued at $1 billion, the companies said on Wednesday.

Gett offers corporate fleets, ride-hailing services and taxis on its platform to customers such as private equity firm Silver Lake Partners, Singapore state investor Temasek and online travel portal Expedia (EXPE.O).

The deal with Rosecliff Acquisition Corp I (RCLF.O) will provide it with proceeds of about $253 million from the special-purpose acquisition company's (SPAC) trust account and another $30 million from private placement in public equity (PIPE).

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SPACs are companies that are listed on exchanges but have no business operations. They use the pool of capital raised through an initial public offering to merge with a privately held company, in a deal that then takes it public.

London-based Gett said it intends to use the funds from the merger to expand its presence in the United States and other key global markets.

The company will list on the Nasdaq under the ticker symbol "GETT" after the deal closes, which is expected in the first half of 2022.

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Reporting by Manya Saini in Bengaluru; Editing by Aditya Soni

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