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.
READThrasio 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.
READSternlicht-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.
READVistas 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.
READGrab 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.
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Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...