Longview II (LGV) and HeartFlow Mutually Terminate Deal
Longview Acquisition Corp. II (NYSE:LGV) and medtech firm HeartFlow announced this afternoon that they have opted to mutually terminate their business combination agreement.
On November 15, 2021, Longview requested that HeartFlow management undertake a thorough financial analysis of its projections. Following the conclusion of the analysis, and extensive mutual efforts to negotiate an appropriate valuation adjustment, both parties agreed to terminate the deal. The deal was originally struck with a minimum cash condition of $345 million, but did not include a PIPE.
The SPAC also stated that it intends to continue to pursue a target for a business combination. Longview II has a little over one year left on its SPAC clock with a completion deadline of March 23, 2023, a significant amount of time to find another target.
Longview II and HeartFlow originally announced their intended $2.4 billion combination on July 15, 2021, a little over six months ago. Redwood City, California-based HeartFlow provides tools for visualizing blood circulation around the heart, giving physicians insights into further treatment options.
Longview II is led by CEO John Rodin, Chairman Larry Robbins, and CFO Mark Horowitz.