Capstar Special Purpose Acquisition Corp. (CPSR.U), announced the pricing of their upsized $240 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Thursday, July 2nd, under the symbol NYSE: CPSR.U
Capstar Special Purpose Acquisition Corp. intends to focus on companies in the consumer, healthcare and technology, media and telecommunications (“TMT”) industries with an aggregate enterprise value between $600 million to $1.5 billion. The Capstar team will be led by R. Steven Hicks, who founded Capstar Broadcasting Network, the nation’s largest radio station holding company in the late 1990’s, and Capstar Partners, a private investment firm focusing on small and middle-market buyouts. Capstar Partners is the sponsor of the SPAC, joined by PIMCO in the sponsor group.
Total SPAC deal count for 2020 year-to-date is now 38 with $12.149 billion in gross proceeds raised. The offering is anticipated to close on Tuesday, July 7, 2020.
Citigroup Global Markets Inc., UBS Securities LLC and BTIG, LLC are acting as joint book running managers. Greenberg Traurig, LLP, and Kirkland & Ellis LLP were issuer’s counsel and underwriter’s counsel, respectively. Marcum LLP acted as auditor.