What happened Shares of Longview Acquisition (NYSE: LGVW) jumped today, up by 21% as of 12:50 p.m. EST, after the company announced its acquisition target. Longview is a special purpose acquisition company (SPAC), which have been all the rage this year. So what Longview will merge with Butterfly Network, a digital health company that provides access to medical imaging such as ultrasounds. Once the deal closes, the combined company will trade on the New York Stock Exchange under the symbol BFLY. The transaction, which is expected to raise $589 million in gross proceeds, values Butterfly Network at an enterprise value of $1.5 billion. Image source: Butterfly Network. Existing Butterfly investors Baillie Gifford, the Bill and Melinda Gates Foundation, and Fosun Industrial will have their current shares converted into equity in the new company at a ratio of 1 for 1.0383 per share. No existing shareholders will be selling any equity as part of the transaction. Now what The merger is expected to close in the first quarter of 2021. Founder Jonathan Rothberg will become chairman of the new company and wield controlling voting power through supervoting Class B shares that receive 20 votes per share. "Nine years ago, Butterfly was created to make high-quality ultrasound affordable, easy to use and globally accessible to all," Rothberg said in a statement. Butterfly estimates that its addressable market is $8 billion, and the company believes that it can disrupt the market with a combination of low costs and superior technology. The company is forecasting revenue to grow from $44 million in 2020 to $334 million in 2024. 10 stocks we like better than Longview Acquisition Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Longview Acquisition Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source