Bill Foley Said To Be Working On New "$1.2B" SPAC

Bill Foley Said To Be Working On New "$1.2B" SPAC - Image

According to Bloomberg, Bill Foley is seeking $1.2 billion through an initial public offering of a blank-check company, just a few months after his other SPAC raised $1 billion, "according to people with knowledge of the matter" .

The new SPAC "will target the software and fintech industry, similar to the one he raised in May", the people apparently said and had asked not to be named. Credit Suisse Group AG and Bank of America Corp. are apparently advising the offering according to Bloomberg's sources. They also said "The size of the deal could change depending the response from investors".

Las Vegas NHL Team Owner Bill Foley appears to favour this method of taking companies public and the market may be becoming a little over "SPACturated", excuse the pun. 

Bloomberg said "A representative for Foley couldn’t be reached for a comment, while spokespeople at Credit Suisse and Bank of America declined to comment". Although silence can speak volumes, we will have to wait an see if anything plays out. We'll be sure to update you on any future developments.

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