Read more from Author Ben Oakley here: https://globelivemedia.com/author/ben-oakley/
Omar Ishrak, chairman and chief executive officer of Medtronic Inc., looks on during the Boao Forum for Asia Annual Conference 2017 in Boao, China, on Sunday, March 26, 2017. The annual event sees business and political leaders come together and runs from March 23 to 26.Intel Corp. Chairman Omar Ishrak is planning to raise funds for a blank-check firm targeting deals in the health technology sector, according to people with knowledge of the matter.
Ishrak, who previously ran medical device giant Medtronic Plc, could file public registration documents with the U.S. Securities and Exchange Commission as soon as Tuesday, the people said, asking not to be identified because the information is private. Ishrak is targeting to raise about $750 million to $1 billion for the special purpose acquisition company, or SPAC, they said.
Goldman Sachs Group Inc. is leading preparations for the initial public offering, the people said. Hedge fund manager Joshua Fink, who is the son of BlackRock Inc.’s Larry Fink, and Medtronic executive Jean Nehme will have senior roles at the blank-check company, the people said. Ishrak is poised to be chairman, they said.
A representative for Intel couldn’t immediately comment on behalf of Ishrak. A spokesperson for Goldman Sachs declined to comment.
SPACs, once an obscure vehicle used by a few companies to go public, catapulted to record levels in 2020, raising about $79 billion on U.S. exchanges, according to data compiled by Bloomberg.
That momentum has carried into 2021, with 53 blank-check companies raising $15 billion in listings so far in January, the data show. Forty-seven more SPACs this month have announced plans to raise a combined $11.7 billion and are awaiting IPOs.
Ben Oakley is the guy you can really trust when it comes to Mainstream News. Whether it is something happening at the Wall Street of New York City or inside the White House in Washington, D.C., no one can cover mainstream news like Ben. Get a daily dose of Trustworthy News by Ben Oakley, only at Globe Live Media.