Peter Thiel-backed Privateer Holdings to merge with Tilray
Privateer Holdings has agreed to merge with portfolio company Tilray Inc (Nasdaq: TLRY), a Nanaimo, British Columbia-based cannabis researcher, cultivator, producer and distributor. The deal will see Privateer, which holds 75 million Tilray shares, or a 77 percent stake, become a subsidiary of Tilray through a share exchange. Tilray shares distributed as a result of the merger will be subject to a lock-up, allowing for their sale only under certain circumstances over a two-year period. Privateer, a U.S. cannabis private equity firm backed by Silicon Valley investor Peter Thiel, is Tilray's founding investor. The company went public last year, raising US$153 million.
10 June 2019•4 mins read
