Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Pershing seeks $1 billion to fund its bet on Universal Music Group, SPACs target emerging markets, and Boxed announces $45 million secured credit facility
Pershing Said to Seek $1 Billion to Fund Universal Music Bet
Bill Ackman’s hedge fund Pershing Square Capital Management LP is in discussions to raise $1 billion to help fund its bet on Vivendi SE’s Universal Music Group, according to Bloomberg.
The firm is set to raise the capital, which would supplement $3 billion of its own capital, via a sidecar vehicle. It would represent Pershing’s seventh co-investment vehicle, and facilitate the purchase of a 10% stake in UMG.
READBoxed Announces $45 Million Secured Credit Facility Provided by Funds and Accounts Managed by BlackRock
E-commerce grocery platform Boxed announced today that it has entered into a new $45 million secured credit facility provided by funds and accounts managed by BlackRock. The new credit facility will mature on August 4, 2025, and is secured by all of the assets of Boxed and its subsidiaries.
Seven Oaks (NASDAQ:SVOK) entered into a definitive agreement to combine with ecommerce seller Boxed, at an enterprise value of $640 million, on June 14.
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At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...