The quartz silica producer for renewable-energy products, electronics and other uses has agreed to merge with special purpose acquisition company Pyrophyte Acquisition. (The Logic)

Talking point: The agreement, which is subject to approvals and closing conditions, puts Sio Silica at an implied enterprise value of US$708 million. After closing, the company will use the proceeds to pay for construction of the first phase of a Winnipeg extraction and processing facility, which has come under criticism from Manitoba’s Clean Environment Commission. The deal comes at a challenging time for new entrants to the public markets. Innovation-economy firms continue to wait on the sidelines for a better time to IPO, while those that have gone public increasingly turn to acquisitions and go-private transactions.