Infarm hires Goldman to root out blank check

German vertical farming start-up Infarm has hired Goldman Sachs to help with talks on the possibility of going public through a merger with a so-called blank check company as it seeks funds for expansion, people close to the matter said.

Berlin-based Infarm, which currently focuses on the indoor production of herbs and salad greens, uses cloud computing to manage the cultivation of produce that is grown close to consumers, minimizing its environmental impact.

The company has hired Goldman to help engage in talks with special purpose acquisition companies (SPACs) about a potential merger that could give it so-called unicorn status, meaning a valuation of more than $1 billion, the people said.

The people, who requested anonymity as the talks are private, said that Infarm may not agree to a merger with a SPAC. Infarm said it does comment on market rumors or speculation. Goldman Sachs declined to comment.

SPACs raise funds in an initial public offering (IPO) with the aim of buying a private firm, which then automatically gets a stock market listing.

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