The Latest SPAC News and Rumors: June 22, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Vivendi shareholders approve Universal Music Group spin-off, family offices tap into SPACs, and ironSource merger creates 230 new millionaires
Vivendi Investors Approve UMG Plans in Activist Rebuke
Vivendi SE shareholders voted to approve the spinoff of Universal Music Group, paving the way for the world’s largest music company to be listed in Europe.
Shareholders voted 99.88% to spin off UMG, and also backed plans for a share buyback of as much as 50%, at Vivendi’s annual general meeting on Tuesday.
READFamily Offices Tap Into SPAC Boom
Family offices have participated in the SPAC boom, albeit in smaller numbers than hedge funds and other institutional investors. Among the most prominent names active in the sector are the family offices of tech entrepreneur Michael Dell, billionaire real estate mogul Barry Sternlicht and former hedge fund executive Dan Och. Billionaire financier George Soros’s family office has also begun hunting for SPAC opportunities.
“Family offices are largely exempt from registering with the SEC and they’ve got a lot of great connections,” says Jane Leung, chief investment officer at Silicon Valley Bank. “They’re able to have a lot more flexibility and nimbleness when it comes to making investments in SPACs.”
READ230 New Millionaires To Be Born Thanks To ironSource SPAC Merger
The merger between Tel Aviv-based web and mobile monetization company ironSource and a Thoma Bravo-backed SPAC next week, at a company valuation of $11 billion, is set to create an unprecedented 230 new millionaires. The massive number of new millionaires is based on the number of options different company employees hold and the valuation at which ironSource is going public.
Viola Ventures was the first fund to invest in ironSource with a $20 million investment in 2012 resulting in a $1 billion return, including dividends withdrawn from the company over the years.
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