Walkers' Jersey Team Advises Babylon on $4.2 Billion Merger and NYSE Listing

Walkers' Jersey team has advised Babylon Holdings Limited, a leading global digital-first value-based care company on its definitive merger agreement with Alkuri Global Acquisition Corp (a Special Purpose Acquisition Company).

The transaction was approved on 20 October 2021 by Alkuri's shareholders and Babylon's Class A ordinary shares and its warrants began trading on the New York Stock Exchange ("NYSE") on October 22, 2021 under the new ticker symbols "BBLN" and "BBLN.W", respectively.

The company – which will continue to operate as Babylon - was founded in the UK in 2013 and is contracted to serve over 24 million people in 16 countries. Year over year H1 2021 revenue growth was 472%, on the wake of 394% growth from 2020 to 2021.

Please see the Babylon press release here for more detail on the transaction.

The Walkers team are longstanding advisers on matters of Jersey law for Babylon. Partner Jonathan Heaney and Group Partner Dilmun Leach led the Walkers team working with Allen & Overy (London) and Wilson Sonsini Goodrich & Rosati (New York) on the deal. The team included Senior Associates Ruth Donnellan and Tom Fothergill and Associate Luke Steele.

Walkers' Jersey team advised on the Jersey corporate and regulatory aspects of the business combination and listing as well as on the corporate governance, incentive schemes and operational requirements around becoming a listed public company.

Jonathan Heaney said: "Having worked with Babylon as their Jersey counsel since 2015, we are delighted to have advised – alongside onshore counsel Allen & Overy and Wilson Sonsini Goodrich & Rosati on this significant matter."

Dilmun Leach added: "The high value and profile of this deal demonstrates again how attractive Jersey companies are for major international transactions. We are very pleased to have been able to advise our client on this latest stage of their growth and development."

Primary Contacts


JERSEY
Jonathan HeaneyManaging PartnerT +44 (0)1534 700 786jonathan.heaney@walkersglobal.com
Dilmun LeachGroup Partner*T +44 (0) 1534 700 783dilmun.leach@walkersglobal.com
Ruth DonnellanSenior AssociateT +44 (0) 1534 700 719ruth.donnellan@walkersglobal.com
Tom FothergillSenior AssociateT +44 (0) 1534 700 724tom.fothergill@walkersglobal.com
Luke SteeleAssociateT +44 (0) 1534 700 720luke.steele@walkersglobal.com

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