Online Retailer Boxed Said In Merger Talks With Seven Oaks SPAC
(Bloomberg) -- Boxed, an online retailer of products in bulk, is in talks to go public through a merger with Seven Oaks Acquisition Corp., a blank-check firm, according to people with knowledge of the matter.
A transaction is set to value the combined company at more than $1 billion, said the people, who requested anonymity because the talks are private. Terms aren’t finalized and it’s possible talks could collapse.
A representative for Seven Oaks declined to comment. A Boxed spokesman didn’t immediately respond to a request for comment.
Founded in 2013, New York-based Boxed, led by CEO Chieh Huang, offers free shipping on bulk orders of groceries and household products if users spend $49 or more. It also gives customers a membership option which earns them 2% cash back on purchases and other discounts. The company, which is regularly compared with Costco Wholesale Corp., has said its investors include Japan’s Aeon Co., GGV Capital, American Express Ventures, First Round Capital and billionaire Yuri Milner.
Seven Oaks is led by CEO Gary Matthews, a former Morgan Stanley Capital Partners executive, and CFO Andrew Pearson, a General Atlantic alum. It raised about $259 million in a December initial public offering.
©2021 Bloomberg L.P.