Illustration: Sarah Grillo/Axios
Cerberus Capital Management on Friday became the latest private equity firm to form a SPAC, a sort of blank-check company that goes public and then acquires a private company.
Why it matters: Cerberus first dipped its toe into SPACs well before the current boom, forming Iron Horse Acquisition in early 2018, but later decreased that SPAC's size and ultimately withdrew its IPO registration.
Details: Cerberus Telecom Acquisition Corp. will seek to raise $460 million and then purchase an "information and communications technology" company.
Go deeper: SPACs have become the new private equity