News

Special Purpose Acquisition Company (SPAC)

Kimberly Redmond | Equities.com |

Forbes Global Media Holdings, one of the oldest media outlets in the US, announced Thursday it will go public through a merger with special purpose acquisition company Magnum Opus Acquisition Ltd (NYSE: OPA) in a deal that values the combined entity at $630 million.

The deal, which is expected to raise $600 million in gross proceeds for the media company, includes a private placement of $400 million.


Reuters | Equities.com |

Global merger and acquisition (M&A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices.

According to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.


Kimberly Redmond | Equities.com |

Vacation rental startup Vacasa will go public through a merger with TPG Pace Solutions Corp, a special purpose acquisition company, in a deal that values the entity at $4.5 billion.

The transaction announced Thursday will provide the Portland, Oregon-based Vacasa with $485 million in gross cash proceeds to help fund future growth.


Kimberly Redmond | Equities.com |

European electric vehicle charging company Allego Holding will go public via a merger with Spartan Acquisition Corp III, a special purpose acquisition company (SPAC) backed by private equity giant Apollo Global Management Inc.

The deal, announced Wednesday, values Allego at $3.14 billion. The transaction will generate $702 million in proceeds, including $150 million from a private placement.


Kimberly Redmond | Equities.com |

Billionaire investor Bill Ackman will buy up to 10% of Vivendi’s Universal Music Group (UMG) through his main hedge fund instead of a special purpose acquisition company (SPAC) after severe pushback from regulators and investors regarding the deal structure.

Under the transaction announced last month, French media giant Vivendi SE had agreed to sell 10% of Universal Music Group — which is home to Taylor Swift, Drake and Billie Eilish — to Ackman’s SPAC, Pershing Square Tontine Holdings Ltd (NYSE: PSTH), for $4 billion.


Kimberly Redmond | Equities.com |

Startup electric truck maker Lordstown Motors Corporation (Nasdaq: RIDE) has confirmed that a federal probe is underway into its merger with special purpose acquisition company (SPAC) DiamondPeak Holdings Corporation.

At specific issue is Lordstown's reporting of vehicle pre-orders.


Kimberly Redmond | Equities.com |

Former BP plc (NYSE: BP) chief executive officer and soon-to-be-retiring Glencore plc (OTC: GLNCY) chairman Tony Hayward is launching a new special purpose acquisition company (SPAC) focused on clean energy projects in Europe.

According to Sky News, Hayward's Energy Transition Partners seeks to raise 175 million euros ($207 million) with a listing on the Euronext Amsterdam stock exchange.


Kimberly Redmond | Equities.com |

Volvo Car Group announced Monday that it will raise its stake in electric car maker Polestar to 49.5%.

In a statement, Volvo said it is acquiring the additional shares from PSD Investment, the private investment company of Eric Li, chairman of Volvo Cars and its parent, Zhejiang Geely Holding Group (OTC: GELYY).


Reuters | Equities.com |

MSP Recovery, which helps recover money from Medicare and Medicaid secondary payments, will go public through a deal with a blank-check firm, giving the combined company an enterprise value of $32.6 billion in the second biggest SPAC merger.

The deal with Lionheart Acquisition Corp II is expected to fetch $230 million in proceeds for MSP, it said on Monday.


Reuters | Equities.com |

BuzzFeed Inc will go public through a merger with blank-check company 890 5th Avenue Partners Inc (Nasdaq: ENFA), named after the fictional Avengers mansion, in a deal valuing the online media outlet at $1.5 billion.

The deal includes a $150 million convertible note financing led by Redwood Capital Management, with participation from institutional investors including CrossingBridge Advisors, Cohanzick Management and Silver Rock Financial LP.