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Topic

SPAC

Adam Neumann's final WeWork act: helping SoftBank's SPAC deal

Adam Neumann's final WeWork act: helping SoftBank's SPAC deal

Published 29 Mar, 2021 07:04pm
  • Neumann was locked in a fierce legal battle at the time with SoftBank over a $3 billion deal for a portion of his and other investors' stake in the office space-sharing company.
  • Ranadivé's SPAC had been looking for an acquisition target after raising $420 million in an IPO in August.
WeWork takes SPAC route to go public in $9bn deal

WeWork takes SPAC route to go public in $9bn deal

Published 26 Mar, 2021 06:15pm
  • It marks a steep drop from the $47 billion that WeWork was valued for a listing in 2019, ahead of a botched listing plan that imploded due to investor concerns over its business model and its founder Adam Neumann's management style.
  • The startup told prospective investors it lost about $3.2 billion last year as part of a pitch for a stock market listing by merging with a special purpose acquisition company.
Brazil's Patria to launch $250mn SPAC

Brazil's Patria to launch $250mn SPAC

Published 22 Mar, 2021 08:44pm
  • Patria, which has Blackstone Group Inc among its investors, said on Friday its executive officers may sponsor the blank-check company Patria Acquisition Co, based in the Cayman Islands, with roughly $92 million.
  • JPMorgan & Chase is the sole underwriter for the offering.
KKR-backed SPAC raises $1.2bn in US IPO

KKR-backed SPAC raises $1.2bn in US IPO

Published 17 Mar, 2021 06:08pm
  • The special purpose acquisition company (SPAC) said it sold 120 million units, up from the 100 million units it had marketed earlier, at $10 each.
  • The units are expected to begin trading on the New York Stock Exchange under the symbol "KAHC.U" on Wednesday.
Walmart's Flipkart in early talks for US listing via SPAC deal

Walmart's Flipkart in early talks for US listing via SPAC deal

Updated 04 Mar, 2021 09:51pm
  • The talks for a deal with a special purpose acquisition company (SPAC) are at a very early stage and could fall apart as no plans have been finalized yet, said the people, who declined to be named as the information is confidential.
  • India's largest renewable energy firm ReNew Power last month struck a deal with a blank-check company to go public in the United States, while SoftBank-backed online grocery startup Grofers has also held talks with SPACs.
Data center firm Cyxtera to go public via $3.4bn deal with Starboard SPAC

Data center firm Cyxtera to go public via $3.4bn deal with Starboard SPAC

Published 22 Feb, 2021 06:46pm
  • As part of the deal with Starboard Value Acquisition Corp , Cyxtera will receive $654 million, including $250 million from private investors such as Fidelity Management & Research Company LLC and clients of Starboard.
  • Cyxtera operates around 61 data centers across the globe and counts nearly 2,300 organizations among its customers.
Alec Gores, Guggenheim-backed SPAC seeks to raise $750 million via IPO

Alec Gores, Guggenheim-backed SPAC seeks to raise $750 million via IPO

Published 22 Feb, 2021 06:04pm
  • Gores Guggenheim, co-sponsored by Gores Group LLC and Guggenheim, said it plans to sell 75 million units composed of shares and warrants, priced at $10 per unit on the Nasdaq Capital Market.
  • Another Gores-backed SPAC, Gores Holdings VI Inc, earlier this month agreed to take 3D camera maker Matterport Inc public for $2.9 billion.
AmTrust CEO-backed SPAC files for $300mn IPO

AmTrust CEO-backed SPAC files for $300mn IPO

Published 19 Feb, 2021 05:15pm
  • Pine Technology Acquisition Corp said it plans to sell 30 million units, made up of shares and warrants, priced at $10 per share on the Nasdaq Capital Market.
  • SPACs are shell companies that raise funds through an IPO to acquire a private company, which becomes public as a result of the merger.
Wall Street's SPAC craze scales new heights with record filings

Wall Street's SPAC craze scales new heights with record filings

Published 13 Feb, 2021 10:20am
  • The 28 filings for new special purpose acquisition companies (SPACs) underscore their growing appeal on Wall Street. SPACs raised a record $82 billion last year, and the trend has gathered further steam in the early weeks of 2021.
Profits aside, GM's EV plans are driving a now-rising stock

Profits aside, GM's EV plans are driving a now-rising stock

Published 10 Feb, 2021 11:21am
  • Also boosting GM's stock was Microsoft Corp's investment last month in Cruise, the self-driving business in which GM holds a controlling stake. The Cruise business went from a $19 billion valuation to $30 billion with that deal, supercharging expectations.
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