Bleichroeder Acquisition to Take Merlin Public: A New Chapter in Technology and Media Mergers

Bleichroeder Acquisition Corp. I is a blank check company formed to effect a business combination with one or more businesses. It intends to focus on the technology, media, and telecommunications sector. The company has not conducted any operations and has generated no revenue.

Merlin, a leading developer of assured, autonomous flight technology for defense customers, has announced a definitive business combination agreement with Bleichroeder Acquisition Corp. I (BAC), which will be renamed Inflection Point Acquisition Corp. IV (Nasdaq: BACQ). The proposed transaction, expected to close in early 2026, values Merlin at $800 million pre-money and includes over $125 million in committed PIPE capital, with $78 million already funded at the BCA signing [1].

Merlin specializes in aircraft-agnostic autonomy for national security applications, with a dual-track civil certification program. The company aims to be the first to certify an AI skill on an aircraft. Recently, Merlin secured a $105 million contract with the United States Special Operations Command (USSOCOM) to integrate its technology onto the C-130J and an agreement with the United States Air Force (USAF) for the KC-135 [1].

The business combination will provide Merlin with significant resources to accelerate its technology development and expand its customer base. The gross proceeds from the committed PIPE are expected to be at least $128 million, with additional proceeds depending on redemptions [1].

Inflection Point, the sponsor of BAC, has a track record of identifying and taking public high-impact technology companies. Previous transactions include Intuitive Machines (Nasdaq: LUNR) and USA Rare Earth (Nasdaq: USAR) [1].

The deal is expected to close in early 2026, subject to customary closing conditions, including regulatory and shareholder approval. Advisors TD Cowen, Cantor Fitzgerald & Co., Cohen & Company Capital Markets, Latham & Watkins LLP, White & Case LLP, and Ellenoff Grossman & Schole LLP are involved in the transaction [1].

References:

[1] https://www.marketscreener.com/news/merlin-to-go-public-via-business-combination-with-inflection-point-led-spac-as-leading-defense-prime-ce7c51d9db88f324