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Technology Stocks : Softbank Group Corp
SFTBY 25.40-3.4%Dec 1 4:00 PM EST

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From: Glenn Petersen12/20/2020 4:00:55 PM
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Scoop: SoftBank to file for SPAC on Monday

Dan Primack
December 20, 2020

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, Goldman Sachs and Citigroup are lead managing the process, with the SPAC 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.

A SoftBank spokesperson declined to comment.

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