HPX Corp. (HPX) Shareholders Approve Ambipar Response Deal
HPX Corp. (NYSE:HPX) announced its shareholders have approved its combination with environmental and industrial solutions provider Ambipar Response at a special meeting held earlier today.
The deal was overwhelmingly approved as it received 7,133,547 votes in favor of the transaction and just 125,508 against it.
In connection with the shareholder vote, HPX’s shareholders holding 1,258,439 Class A ordinary shares, representing 96.37% of the SPAC’s trust, validly elected to redeem their public shares. HPX is now left with 918,105 shares remaining.
Nonetheless, the transaction is now expected to close on or around March 3, subject to the satisfaction or waiver of the conditions with respect to the deal. The combined company’s shares are to trade on the NYSE under the symbol “AMBI” once the deal is completed.
HPX announced its $581 million deal with Ambipar Response in July 2022. The SPAC originally brought about $247 million into the deal from its current trust supplemented by a PIPE and backstop agreements amounting to $168 million. The company is a subsidiary of the Sao Paulo-listed Ambipar Group (SA:AMBP3) that provides environmental clean-up and rescue services for industrial clients in the Americas and Europe.
- Bank of America Merrill Lynch Banco Múltiplo S.A. is serving as financial advisor to Ambipar Response and Ambipar Group
- BofA Securities, Inc. is serving as the placement agent in connection with the PIPE offering.
- Simpson Thacher & Bartlett LLP is serving as U.S. legal advisor to Ambipar Response and Ambipar Group
- Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados is serving as Brazilian legal advisor to Ambipar Response and Ambipar Group.
- Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal advisor to HPX
- Greenberg Traurig, LLP is serving as legal advisor on certain international diligence matters for HPX and BRZ Advogados as legal advisor on Brazilian matters.
- Shearman & Sterling LLP is acting as legal advisor to BofA Securities, Inc. in its capacity as the placement agent.