Ingka Group-backed vertical farm operator Aerofarms is joining forces with a special purpose acquisition company at a $1.2bn post-transaction valuation.

Aerofarms, the US-based urban farm operator backed by Ingka Group, the parent company of furniture retailer Ikea, has agreed a reverse merger with special purpose acquisition company Spring Valley Acquisition Corp. The transaction will involve Aerofarms taking the position on the Nasdaq Capital Market obtained by Spring Valley in a $200m initial public offering in…

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