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A SPAC founded by former all-star baseball player Alex Rodriguez is expected to merge with satellite communications provider Lynk Global Inc.
Slam Corp. (NASDAQ:SLAM) signed a letter of intent to merge with Lynk and the combined company is expcected to list on the Nasdaq Stock Exchange, accordingt to a Bloomberg report on Sunday, which cited people familiar. The combined company is expected to value at more than $800 million.
Lynk Global is working on satellite-to-mobile service and is competing with firm’s such as Elon Musk’s SpaceX (SPACE), which plans to uses it its Starlink satellites, as well as AST SpaceMobile (ASTS). Lynk Global’s backers include Blazer Ventures, Unshackled Ventures and Global Space Ventures.