The Latest SPAC News and Rumors: July 7, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Novo Tellus Capital mulls Singapore SPAC, Virala SPAC seeks to fill gap left by underfunded Finnish PE, and Dragoneer, Altimeter eye raising new funds
Novo Tellus Capital Mulls Joining Singapore SPAC Race
Singapore buyout firm Novo Tellus Capital Partners is considering setting up a SPAC to list in the city-state as regulators prepare to authorize the vehicles in the local market.
The private equity firm, which focuses on technology and industrials, has had preliminary discussions with banks.
READVirala SPAC Seeks to Fill Gap Left by Cash-Strapped PE
Finland’s first SPAC says it plays a unique role in providing especially fast access to capital, given the limited resources private-equity investors have in the Nordic nation.
Virala Acquisition Company Oyj last month raised 107.5 million euros ($127 million) from investors in an IPO in Helsinki, and now has three years to find a mid-cap company to acquire. The company intends to give its target a quick way to fund growth as a public company and avoid having to sell to an industrial buyer, typically foreign, for lack of other options.
READDragoneer, Altimeter Look to New Funds as Unicorns Burgeon
Marc Stad’s Dragoneer Investment Group and Brad Gerstner’s Altimeter Capital Management are each seeking to raise new vehicles focused on backing fast-growing technology companies.
Dragoneer is in talks to raise $2.5 billion and Altimeter has targeted $1 billion for bets on startups. The firms are looking to draw the attention of limited partners such as pension funds, sovereign wealth funds and family offices.
READMalaysia’s AirAsia Aims to Raise $300M Through U.S. Listing of Digital Business
Malaysia’s budget airline AirAsia Group Bhd is considering listing its digital arm via a SPAC in the United States to raise at least $300 million, its chief said on Wednesday.
Group Chief Executive Tony Fernandes told Reuters in an interview that a few SPACs focused on technology have approached the group, and AirAsia has engaged auditors for the deal.
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