09:14 AM EDT, 09/06/2024 (MT Newswires) -- Compass Digital Acquisition ( CDAQ ) and EEW Renewables have agreed to a business combination, with the merged company valued at $386 million, the companies said Friday.

Under the terms of the deal, which is expected to be completed in Q1, EEW's existing shareholders will transfer 100% of their equity to the combined company and are expected to own 79% of the post-combination firm.

The merger has been approved by the boards of directors of both the blank check company and the renewable energy firm.

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