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. […]
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.
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...
At the SPAC of Dawn Dealmakers remain confident that AI is going to play a big role in their M&A processes, but feel unprepared for some the changes, according to a new survey of 225 corporate and 75 private equity transactions professionals. SS&C subsidiary Mergermarket generated the report that found more than half of respondents...
Trailblazer Merger I (NASDAQ:TBMC) has entered into a definitive agreement to combine with data intelligence firm Cyabra at an enterprise value of $70 million. Tel Aviv-based Cyabra provides tools to corporations and governments to identify fake accounts and combat social media disinformation. The combined company is expected to trade on the Nasdaq once the deal...
Chain Bridge I (NASDAQ:CBRG) has entered into a definitive agreement to combine with cannabinoid pharmaceuticals firm Phytanix Bio at a pre-deal valuation of $58 million. Santa Barbara, California-based Phytanix is working to develop bladder and seizure treatments using cannabis-based substances. The combined company is expected to trade on the Nasdaq under the symbol “PHYX” once...