Just when you thought the SPAC had been played out, London-based healthtech Babylon confirms the rumours and announces its plan to go public via a $4.2 billion merger with Alkuri Global Acquisition Corp, formerly known as Ark Global Acquisition Corp.

The transaction is expected to close in the second half of 2021, subject to approval by Alkuri Global’s shareholders and other normal closing conditions, including any applicable regulatory approvals. Babylon will list on the Nasdaq under the symbol BBLN.

Babylon Health founder and CEO Dr. Ali Parsa will become the Chairman and CEO of the combined entity, with a representative from Alkuri Global joining the board.