The Latest SPAC News and Rumors: September 29, 2023
by Nicholas Alan Clayton on 2023-09-29 at 11:29am

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


$1 bln metals SPAC deal backed by Glencore, automakers collapses

A $1 billion metals deal by blank-cheque fund ACG Acquisition Co has been terminated following delays when the different sides, which included a leading global miner and top automakers as anchor investors, tried to revise it, ACG said on Thursday.

ACG , a London-listed special purpose acquisition company (SPAC), planned to buy a nickel mine and a copper mine from Appian Capital, betting on rising demand for metals needed for the global green energy transition.

In June, global miner Glencore , Chrysler parent Stellantis and Volkswagen’s battery unit PowerCo agreed to back the deal through an equity investment. It was expected to close in August.


Olympique Lyonnais plan to raise €300m, sell assets and scrap SPAC deal

Textor’s Eagle Football Holdings completed the takeover of Lyon at the end of last year, with the club valued at €884 million (US$932.21 million). The deal, backed by US private equity firm Ares Management, made the Ligue 1 team the fourth to be affiliated with Eagle Football, joining Premier League side Crystal Palace, Brazilian outfit Botafogo and Belgian team RWD Molenbeek. […]

The outlet also reports that Eagle’s plans to go public via a special purpose acquisition company (SPAC) has been scrapped. Eagle was thought to have been targeting a US$1.2 billion valuation, in an attempt to be the first publicly listed multi-club soccer vehicle. Instead, the agreement, which would have seen Eagle merge with Iconic Sports Acquisition Corp, has been annulled. Textor now is said to be planning to list Lyon as well as his other soccer holdings in the US early next year as part of an initial public offering (IPO).

Judge halts SPAC dissolution after law firm sues for fees from failed merger

A Delaware judge is temporarily blocking a special purpose acquisition company’s plan to dissolve after its former law firm Schulte, Roth & Zabel sued to recover more than $1.9 million in legal fees for work on a now-failed merger with the Philippines’ largest casino.

Vice Chancellor Travis Laster of Delaware Chancery Court on Wednesday granted Schulte’s motion for a temporary restraining order to prevent its former SPAC client 26 Capital Acquisition Corp from liquidating and dissolving before it pays its legal fees.

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