How Bill Ackman’s Sparc differs from a SPAC

Ackman disclosed last week that Sparc received approval from the US Securities and Exchange Commission to raise a minimum of US$1.5bil from investors for the acquisition of a private company. — Reuters

NEW YORK: Bill Ackman’s new investment vehicle, Pershing Square Sparc Holdings Ltd, marks a departure from special-purpose acquisition companies (SPACs), which have lost favour on Wall Street as deals soured.

Ackman disclosed last week that Sparc received approval from the US Securities and Exchange Commission (SEC) to raise a minimum of US$1.5bil from investors for the acquisition of a private company.