SDCL EDGE (NYSE:SEDA) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with several entities comprising KME’s specialty aerospace business for undisclosed terms.
The LOI would see KME retain a majority stake in the business post-close and the parties expect to announce more details if they come to a definitive agreement.
This KME division has operated under a JV structure since Paragon Fund III acquired a 55% stake in in June 2021 for about €270 million ($294.5 million). In 2020, this division generated about $283 million in revenue with $48 million in EBITDA.
These divisions have been operating under the corporate name Cunova since that transaction and focus on creating melted, cast and drawn copper products for the industrial and maritime sectors. Unlike the announcement press release, Cunova’s own website does not mention the aerospace sector as a major area of activity, but this could indicate a shift in where the company plans to do business after de-SPACing.
Cunova also manufactures a copper powder used to build objects via 3D printing methods and, like its parent, it specializes in parts and fittings for the offshore oil and gas industry. KME overall is a major supplier of copper molds for the steel, naval and petrochemical sectors and Cunova appears to be a collection of its more niche applications.
KME moved to sell of most of the division to shed a non-core asset while deleveraging its overall balance sheet. But, it still wanted to have a share in Cunova’s long-term success. If this deal would see it pass back into the majority, that would imply that SDCL EDGE equity would be largely buying out Paragon’s position.
But, there is no guarantee that this deal will shift to a definitive agreement, so SDCL EDGE will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.


After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...