SoftBank will unveil $ 500 million to $ 600 million on Monday through a IPO of its first SPAC, according to Axios from various sources.
Look ahead: The investment giant is said to be preparing at least two additional SPACs, which are blank check vehicles that raise money to buy a company and make it public through a reverse merger.
Details: As previously reported Axios, Goldman Sachs and Citigroup are primarily responsible for managing the process, with SPAC intended to buy a company in which SoftBank has no previously inverted.
- SPAC’s sponsor will be SoftBank Investment Advisers, which manages the $ 100,000 million Vision Fund and Vision Fund 2 (unknown size, fully funded by SoftBank’s balance sheet).
- SoftBank had never raised any SPACs, but the portfolio company OpenDoor agreed in September to be acquired by a SPAC for a business value of $ 4.8 billion. Recently, he also lost a couple of partners against Gores Group, where they will focus on SPACs.
A SoftBank spokesman declined to comment.