SUBSPAC

The Daily Dish (6/21/21)

Ackman’s SPAC to Buy Stake in Universal Music 

Pershing Square Tontine Holdings has agreed to acquire a 10% stake in Universal Music Group for approximately $4 billion from French media company Vivendi SE. The deal values the company at around 35 billion euros including debt. 

After the deal Pershing Square Tontine will still have $1.5 billion in cash and have access to an additional $1.4 billion from Pershing Square Funds. 

The company will remain listed and continue to look for a new deal. The company intends to distribute the shares of Universal Music to investors afters listing in Amsterdam later in the year. 

Vivendi has been the beneficiary of a boom in music streaming subscription, which has inflated the value of its back catalog and a roster of stars including Taylor Swift, Drake and Billie Eilish.

The deal is expected to close by Sept 15 and leave Universal Music with an investment base across US, Europe and Asia. 


Zoomcar Eyes US Listing via SPAC 

Indian Startup Zoomcar Inc is considering a listing in the US through an SPAC merger. Established in 2013, the company allows customers to rent cars for varying time lengths.

The group expects to generate over $100 million in 2021, which is expected to double over the next year. 

Early investors in the company include Sequoia Capital, Mahindra and Mahindra, Ford Smart Mobility and former US Treasury Secretary Larry Summers.

The company’s fleet spans over 10,000 cars across 45 cities in India. Zoomcar is planning to expand to Southeast Asia and Middle East this quarter. 


Indoor Farming Company Plans SPAC Merger 

Local Bounty Corp, a US based indoor farming company which specialises in leafy greens, is planning to go public via an SPAC merger with Leo Holdings II Corp in a transaction which values the combined business at $1.1 billion.

The company has also attracted interest from US-based agri-food company Cargill and Sarath Ratanvadi, the CEO of Gulf Energy Development Public company in Bangkok. 

Ratanavadi will invest in the combined business through a private investment in public equity (PIPE) arrangement, while Cargill “is expected” to provide $200m in debt financing.

The company expects the market opportunity for products to reach $30 billion by 2025. The company expects to receive up to $400 million in gross proceeds.  


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