IT seems like everyone’s launching a special-purpose acquisition company (SPAC) these days, but you could have bet on Softbank Group Corp maestro Masayoshi Son and his lieutenant Rajeev Misra finding a way of putting an eyebrow-raising spin on the blank-check phenomenon. They haven’t disappointed.
Their SPAC, SVF Investment Corp, plans to raise at least US$525mil from investors in an initial public offering (IPO) and will use that cash to find a technology company to merge with and take public. The SPAC’s sponsor is controlled by SoftBank Investment Advisers, which also oversees the US$100bil Softbank Vision Fund.
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