Jun 23, 2020 - Economy & Business

Bill Ackman's "mature unicorn" acquisition company could raise $6.5 billion

Dan Primack, author of Pro Rata

Photo illustration: Sarah Grillo/Axios. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images

Pershing Square Tontine Holdings, a special purpose acquisition company formed by Bill Ackman to acquire "mature unicorns," filed for a $3 billion IPO.

Why it matters: $3 billion would be the most money ever raised by a SPAC. And it may ultimately raise nearly $6.5 billion, based on concurrent plans to raise between $1 billion and $3 billion from funds associated with Ackman's hedge funds, plus up to another $450 million if banks exercise their over-allotment options.

  • Mature unicorns? Yeah, we need a better term for this. Twitter is helping out.
  • The backdrop: Pershing Square did a SPAC back in 2011, which ultimately took Burger King public.

The bottom line: "The deal will give Ackman firepower to compete for a big acquisition against some of the largest private equity firms, such as Apollo Global Management and The Blackstone Group," writes Reuters.

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