Fortress Value Acquisition Corp. (FVAC.U) Prices $300M SPAC IPO


Fortress Value Acquisition Corp. (FVAC.U) Prices $300M SPAC IPO

Apr 29, 2020 INTEL by Kristi Marvin

Fortress Value Acquisition Corp. (FVAC.U), announced the pricing of their $300 million SPAC IPO this afternoon and the units are expected to begin trading tomorrow, Thursday, April 30th, under the symbol NYSE: FVAC.U.

Fortress Value Acquisition Corp. is being sponsored by Fortress Investment Group, the global investment management firm, and will be led by Joshua Pack, as Chairman, and Andrew McKnight, as CEO.  Both Mr. Pack and Mr. Knight, are managing partners at Fortress Investment Group, where they each head the illiquid and liquid credit investment strategies, respectively.

Total SPAC deal count for 2020 year-to-date is now 18 with $5.912 billion in gross proceeds raised. The offering is anticipated to close on Monday, May 4, 2020.

Deutsche Bank Securities, Morgan Stanley and RBC Capital Markets acted as joint book-running managers for the offering. Weil, Gotshal & Manges LLP, and Skadden, Arps, Slate, Meagher & Flom LLP, were Issuer’s Counsel and Underwriter’s Counsel, respectively. WithumSmith+Brown, PC acted as auditor.