Satellogic’s $150 Million Financing

Greenberg Traurig, LLP and Friedman Kaplan represented Satellogic on the matter. Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Liberty, and Hughes Hubbard & Reed LLP represented CFV.

Satellogic raised $150 million in a financing round led by private equity firm Liberty Strategic Capital, , founded and led by former U.S. Treasury Secretary Steven T. Mnuchin.

The investment is contingent upon the closing of Satellogic’s planned merger with special purpose acquisition company (SPAC) CF Acquisition Corp. V, sponsored by Cantor Fitzgerald, which will take Satellogic public. 

In exchange for its investment, Liberty will receive 20 million Class A ordinary shares of Satellogic at $7.50 per share, as well as 5 million warrants with a strike price of $10 per share and 15 million warrants with a strike price of $15 per share. Liberty will also secure two board seats, with Secretary Mnuchin joining Satellogic’s board of directors as non-executive chairman. The investment is Liberty’s third since its founding, and brings Satellogic’s total capital raised to more than $265 million.

Founded in 2010, Satellogic is building the first scalable, fully automated Earth observation platform with the goal of providing daily remaps of the entire planet at high resolution, providing accessible and affordable solutions for customers and democratizing access to geospatial data to help solve pressing global sustainability issues like climate change, energy supply, and food security.

The Friedman Kaplan team was led by Partners Gregg S. Lerner (Picture) and Asaf Reindel. 

The Paul, Weiss team included corporate partners Ellen Ching, Matthew Abbott, Marco Masotti and Raphael Russo and counsel Philip Heimowitz; tax partners Matthew Jordan and Scott Sontag; intellectual property partner Jonathan Ashtor and counsel Michael Kurzer; litigation counsel Peter Jaffe, Steven Herzog and Rachel Fiorill; and international trade counsel Richard Elliott.

 

Involved fees earner: Gregg Lerner – Friedman Kaplan Seiler & Adelman LLP; Asaf Reindel – Friedman Kaplan Seiler & Adelman LLP; Matthew Abbott – Paul Weiss Rifkind Wharton & Garrison; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison; Ellen Ching – Paul Weiss Rifkind Wharton & Garrison; Richard Elliott – Paul Weiss Rifkind Wharton & Garrison; Rachel Fiorill – Paul Weiss Rifkind Wharton & Garrison; Philip Heimowitz – Paul Weiss Rifkind Wharton & Garrison; Steven Herzog – Paul Weiss Rifkind Wharton & Garrison; Peter Jaffe – Paul Weiss Rifkind Wharton & Garrison; Matthew Jordan – Paul Weiss Rifkind Wharton & Garrison; Michael Kurzer – Paul Weiss Rifkind Wharton & Garrison; Marco Masotti – Paul Weiss Rifkind Wharton & Garrison; Raphael Russo – Paul Weiss Rifkind Wharton & Garrison; Scott Sontag – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Friedman Kaplan Seiler & Adelman LLP; Paul Weiss Rifkind Wharton & Garrison;

Clients: Liberty Strategic Capital ; Satellogic;

Sonia Carcano

Author: Sonia Carcano