Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Branson’s Virgin Orbit plots deal with NextGen SPAC, Amazon business acquirer Thrasio in talks to merge with SPAC Churchill V, and Cano Health acquires University Health Care following SPAC deal
Branson Plots $3Bn SPAC Merger To Launch Virgin Orbit To Stock Market
Sky News revealed that Virgin Orbit is close to finalizing a deal to combine with NextGen Acquisition II, a SPAC set up by former Goldman Sachs banker George Mattson.
Sources told Sky News this weekend that NextGen II was in exclusive talks with Sir Richard’s Low Earth Orbit satellite business, which is 80%-owned by the tycoon’s Virgin Group empire. The Abu Dhabi sovereign fund Mubadala owns the remaining 20% of Virgin Orbit’s shares.
A definitive deal valuing Virgin Orbit at approximately $3bn, or £2.1bn, could be announced in the coming weeks, according to insiders.READ
Thrasio Is in Talks to Go Public Via Michael Klein SPAC
Thrasio, an acquirer of private-label businesses on Amazon.com Inc., is in talks to go public through a merger with a blank-check company set up by former Citigroup Inc. rainmaker Michael Klein, people with knowledge of the matter told Bloomberg.
The online retailer could be valued at approximately $2 billion, but other sources say that valuation could reach more than $10 billion in a merger with Churchill Capital Corp. V.
Thrasio raised $500 million in a senior debt facility via JPMorgan Chase & Co., Goldman Sachs Group Inc. and the asset management arm of Royal Bank of Canada in January. Prior to that, it raised $260 million in a series C funding round led by Advent International.READ
Sternlicht-Backed Cano Said to Near Deal for University Health
Cano Health Inc., a medical provider backed by billionaire Barry Sternlicht that recently listed on the NYSE through a SPAC, is nearing a deal to buy Miami-based University Health Care for $600 million, people familiar with the matter told Bloomberg.
The transaction includes $540 million in cash and $60 million in equity, and an agreement could be announced as soon as this week.READ
Vistas Media Capital Set Up $150M Fund For SPACs, Media In MENA
Singapore-based media and entertainment group Vistas Media Capital is set to launch a $150m multi-strategy fund to invest in SPACs and media businesses across the Middle East and North Africa region.
The company, which is nearing the completion of a merger deal between its SPAC and Middle-east based media streaming platform Anghami, is raising funds from global investors outside of the US. The fund will invest across the stages of a SPAC from sponsor capital to pre-IPO and IPO deals, including PIPE.READ
Grab CEO Confident SPAC Deal to Close by Year-End After Delay
Grab Holdings Inc. CEO Anthony Tan said he’s confident the merger of the ride-hailing and food-delivery giant and a U.S. blank-check company will be completed by year-end, following a delay caused by a review of its financials.READ
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Shell company Vertex Tech to buy streaming platform in landmark deal for Singapore Singapore’s Vertex Technology Acquisition Corp (VTAC) (VERT.SI) will buy live streaming platform 17LIVE Inc for up to S$925.1 million ($676 million), the special purpose...
Graf Acquisition Corp. IV (NYSE:GFOR) has closed its combination with NKGen Biotech and its shares and warrants will begin trading on the Nasdaq under the symbols “NKGN” and “NKGNW” today. The SPAC secured shareholder approval for the deal last week with 84.3% redemptions. Graf IV CEO James Graf is set to join the combined company...
An In-Depth Look at SPAC Activity Throughout the Third Quarter of 2023 Below is a summary of the year-to-date SPAC performance. We’re now three-quarters of the way through 2023 and while activity remains muted, there is a sense that SPACs have run the most difficult part of the “correction” gauntlet and have reached a better...
Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...