David’s Bridal proposes $350 million Pearl public listing

David’s Bridal and KF Growth Acquisition Corp. II have signed a nonbinding letter of intent to take Pearl, David’s Bridal’s wedding-planning technology division, public in a proposed transaction valuing it at about $350 million. The companies are targeting completion in the first half of 2027. Pearl combines an artificial-intelligence wedding-planning service with software for wedding vendors and a digital media business. The proposed transaction would separate it from David’s Bridal, while the retailer’s stores and daily operations are expected to continue as usual. Pearl would own the David’s Bridal name and intellectual property and license them to the retailer, according to the proposal. David’s Bridal is expected to retain a material shareholding and commercial ties. The proposal is conditional. The parties must complete due diligence, negotiate a definitive agreement and obtain board, shareholder and regulatory approvals. The letter of intent does not establish that the transaction will be completed or that Pearl will become publicly traded. The letter contemplates $75 million in private investment in public equity financing, an amount that could increase. CION...