(RTTNews) - ContextLogic has agreed to acquire US Salt Parent Holdings, LLC and its subsidiaries from private equity funds managed by Emerald Lake Capital Management, in a transaction valuing US Salt at an enterprise value of $907.5 million. Investment funds advised by Abrams Capital will roll over substantially all of their equity investment in US Salt and collectively become the largest shareholder of ContextLogic.
Upon closing, existing ContextLogic shareholders will continue to hold approximately 60% of the equity in ContextLogic. On an aggregate basis between ContextLogic and its subsidiary ContextLogic Holdings, ContextLogics existing shareholders, investment funds advised by Abrams Capital, a fund advised by BC Partners, and other rolling shareholders and management will own approximately 38%, 39%, 21%, and 2% respectively.
ContextLogic Holdings intends to pursue a listing on a national securities exchange following the closing of the transaction.
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