Top Movers

Martin Franklin-backed blank cheque company to launch on London market - report

By Abigail Townsend

Date: Thursday 17 Sep 2020

Martin Franklin-backed blank cheque company to launch on London market - report

(Sharecast News) - A group of investors are poised to float a special purpose acquisition company on the London Stock Exchange, with the intention of raising $750m.
According to Reuters, the SPAC is being backed by veteran dealmaker Sir Martin Franklin, his son Robert and long-term partners James Lillie and Ian Ashken, alongside Viking Global Investors' Brian Kaufmann.

Quoting an unspecified bookrunner, Reuters said the vehicle, which is called Harvester Holdings and is expected to price on 18 September, will focus on acquiring a company with a "significant proportion" of its activities in North America.

Also known as blank-cheque vehicles, SPACs are shell companies which debut on equity markets and then use the IPO proceeds to buy another company.

According to Bloomberg, so far this year 91 SPACs have raised more than $35bn. Franklin, who was born in the UK but is now based in the US, is the founder of Mariposa Capital Management. He has been involved with six SPACs, raising a total of $8bn since 2006.

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page