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Dec 20, 2020 - Economy

Scoop: SoftBank to file for SPAC on Monday

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Illustration of a hand about to sign a blank check that reads SoftBank

Illustration: Sarah Grillo/Axios

SoftBank on Monday will file to raise between $500 million and $600 million via an IPO of its first SPAC, Axios has learned from multiple sources.

Look ahead: The investment giant is said to be prepping at least two additional SPACs, which are blank check vehicles that raise money to buy a company and take it public via a reverse merger.

Details: As Axios previously reported, the SPAC is intended to buy a company in which SoftBank has not previously invested.

  • The SPAC sponsor will be SoftBank Investment Advisers, which manages the $100 billion Vision Fund and Vision Fund 2 (unknown size, funded entirely from SoftBank's balance sheet).
  • SoftBank has never before raised a SPAC, but it did have portfolio company OpenDoor agree in September to be acquired by a SPAC at a $4.8 billion enterprise value. It also recently lost a pair of partners to Gores Group, where they'll focus on SPACs.
  • Underwriters on the offering are expected to be Citi, Deutsche Bank and Cantor Fitzgerald. [Correction: An earlier version of this article mentioned Goldman Sachs, but sources say it is no longer involved].

A SoftBank spokesperson declined to comment.

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