Debevoise & Plimpton LLP is advising Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Nomura Securities International, Inc. as placement agents in a $125 million PIPE transaction in connection with the merger of LocalBounti Corporation and Leo Holdings III Corp. (NYSE: LIII), a special purpose acquisition company. The merger agreement values the combined company at an equity value of $1.1 billion. For more information, please see the company’s press release.

Local Bounti is a premier controlled environment agriculture company redefining conversion efficiency and environmental, social and governance standards for indoor agriculture.

The Debevoise team is led by capital markets partner Morgan Hayes and includes associates Christopher Freeman and Helen Wang.