Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
Intel Corp. President Omar Ishrak plans to raise funds for a blank check company targeting bids in the healthcare technology sector, according to people who are aware of it.
Ishrak, who previously ran medical device giants Medtronic Plc could file public registration documents with the U.S. Securities and Exchange Commission as early as Tuesday, people said, asking not to be identified because the information is private. Ishrak aims to raise between $ 750 and $ 1 billion for the special-purpose acquisition company, or SPAC, they said.
Goldman Sachs Group Inc. leads preparations for the initial public offering, according to people. Hedge fund manager Joshua Fink, of whom he is a son Larry Fink of BlackRock Inc. and Medtronic executive Jean Nehme will have senior roles at the blank check company, according to people. Ishrak is about to become president, they said.
An Intel representative was unable to comment immediately on Ishrak’s behalf. A Goldman Sachs spokesman declined to comment.
The SPACs, which were a dark vehicle used by some companies to make themselves public, catapulted to record levels in 2020, reaching about $ 79 billion on U.S. stock markets, according to data collected by Bloomberg.
That momentum has been maintained through 2021, with 53 blank check companies earning $ 15 billion in listings through January, according to the data. Forty-seven more SPACs this month have announced plans to raise $ 11.7 billion combined and await IPOs.
– With the assistance of Ian King