Across 22 years in Major League Baseball, Alex Rodriguez was one of the most prominent hitters from the mid-1990s to mid-2010s. After retiring from baseball, Rodriguez has found success with sports investments and launched a SPAC (special purpose acquisition company) in 2021 to tackle additional investments.
The SPAC announced its merger partner Monday, which could turn Rodriguez into an investor in the space sector.
The SPAC Deal: Rodriguez's SPAC Slam Corp SLAM launched in 2021, raising $575 million. The SPAC was set up to target the sports, media, entertainment and health and wellness sectors. After previously being linked with trading card company Panini, the company announced its intended target Monday.
Slam Corp will merge with satellite-to-phone company Lynk. The combined company is expected to trade with ticker LYNK in the second half of 2024.
The value of the combined company is expected to be at least $800 million.
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About Lynk: Founded in 2017, Lynk created the sat2phone category, according to the company. Lynk has a two-way sat2phone that can be connected on all seven continents and provides services such as SMS, emergency alerts, voice calls and data.
The company believes it has the only patented and commercially licensed sat2phone system in the world.
Lynk builds, designs and operates "cell-tower-in-space" satellites that offer its global coverage. The company said its technology has been tested and proven in more than 25 countries. The company has also signed 35 commercial contracts that cover around 50 countries.
"Lynk was created with the mission to connect everyone, everywhere by providing affordable connectivity to billions globally using the phones already in their pockets," Lynk CEO Charles Miller said.
Rodriguez said Lynk was "a perfect fit" for the Slam Corp investment criteria.
"Lynk has built a truly global platform that is set to revolutionize the satellite-direct-to-phone sector," Rodriguez said. "The combined company is positioned to make a tremendous global impact, potentially providing broadband access to billions of people currently underserved by a lack of mobile connectivity."
Growth Ahead: The satellite communications market is expected to be around $14 billion of the global connectivity market which is valued at $1 trillion annually, according to the agreement.
Satellite-direct-to-device is said to be a new category within the satellite communications sector that offers a large opportunity.
An estimate says 750 million of the more than 5.4 billion mobile phone users worldwide are not connected at some point during the day due to coverage issues.
Satellite cell towers are said to be more cost-effective than ground-based cell towers, which are used by traditional communications companies.
Lynk said the sat2pohne services market could see 40% top-line growth in the mobile wireless market annually. The market size could be worth $150 billion to $250 billion annually, the company said.
Sape mobility company AST SpaceMobile ASTS went public in April 2021, also completing a SPAC merger. The company is attempting to build the first and only space-based cellular broadband network accessible by mobile phones.
Rodriguez's Post MLB Success: During his 22 MLB seasons, Rodriguez had 696 home runs, 2,086 RBIs and 3,115 hits. The former MLB player is the only player to ever have 600 home runs, 2,000 RBIs, 2,0000 runs, 3,000 hits and 300 stolen bases over their career. Rodriguez is also one of only seven players to belong to both the 3,000-hit and 500-home run clubs.
Since retiring from baseball, Rodriguez has turned increased attention to investments, specifically in real estate and sports.
In 2021, Rodriguez and business partner Marc Lore bought a stake in the NBA's Minnesota Timberwolves, valuing the team at $1.5 billion.
Rodriguez has also been an investor in several private companies before their IPOs or SPAC mergers including Hims & Hers, Oscar, Sonder and Wheels Up.
The former MLB star is also the co-founder of Mojo, a sports app that provides a stock market for athletes.
Photos: Shutterstock
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