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Axios Pro Rata

SoftBank is planning to launch a blank check acquisition company in the upcoming weeks, according to comments made today at the Milken Virtual Conference by senior SoftBank executive Rajeev Misra.

Details: Axios has learned that Goldman Sachs and Citigroup would manage the IPO process, and that the intention is not to acquire an existing SoftBank portfolio company and bring it public. 

The formal sponsor is expected to be SoftBank Investment Advisors, which manages the $100 billion Vision Fund and Vision Fund 2 (unknown size, funded entirely from SoftBank's balance sheet).

SoftBank Vision Fund invested in such companies as Uber, DoorDash, Slack, WeWork, and TikTok owner ByteDance. It also backed Opendoor, which recently agreed to be acquired by a SPAC.

Go deeper: SPACs have become bizarro private equity

SoftBank prepares to launch a SPAC

Goldman Sachs and Citigroup are lead managers.

Business

Softbank Group

SoftBank is planning to launch a blank check acquisition company in the upcoming weeks, according to comments made today at the Milken Virtual Conference by senior SoftBank executive Rajeev Misra.Details: Axios has learned that Goldman Sachs and Citigroup would manage the IPO process, and that the intention is not to acquire an existing SoftBank portfolio company and bring it public.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.