The Latest SPAC News and Rumors: January 21, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: KKR SPAC mulls $14B deal for PetSmart, ex-Daimler boss tapped for new Kensington auto-focused SPAC, and Singapore’s first SPACs off to timid start

KKR SPAC Said to Mull Deal for PetSmart at $14 Billion Value

PetSmart (NASDAQ:PETM) is in talks to go public through a blank-check company backed by private equity firm KKR & Co., according to Bloomberg.

The pet supply retailer, backed by BC Partners, would be valued in the transaction at $14 billion including debt. KKR Acquisition Holdings I Corp. (NYSE:KAHC) raised $1.38 billion in its initial public offering last March to hunt for a deal in the consumer or retail industries.

Ex-Daimler Boss Tapped for New Kensington Auto-Focused SPAC

Kensington Capital, whose blank-check firms have already taken public QuantumScape Corp. (NYSE:QS) and Wallbox NV (NYSE:WBX), has tapped former Daimler AG chief Dieter Zetsche as vice chairman for a fourth automotive-focused SPAC.

Its latest SPAC, Kensington Capital Acquisition Corp IV(NYSE:KCAC.U), filed Thursday to raise $200 million in an initial public offering. The company said it will focus on acquiring a business “operating in the global automotive and automotive-related sector.”

Singapore’s First SPACs Off to Timid Start in Rough Trading Week 

A lackluster market debut for the first two blank-check companies to list in Singapore is raising some questions whether the excitement seen for such vehicles in the U.S. early last year will prevail in Asia.

Vertex Technology Acquisition Corp., sponsored by a unit of state investor Temasek, jumped in early trading on Thursday, but is now just 1% higher than its offer price. Tikehau Capital SCA-backed Pegasus Asia has been largely flat since listing earlier on Friday.