The Latest SPAC News and Rumors: December 16, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Byju in talks to go public via SPAC, Vistas Media announces joint venture between Anghami and Sony Music Entertainment Middle East, and Canoo revs up U.S. EV production plan
India’s Startup Byju’s in Talks to Go Public Via SPAC Deal
The online education provider Byju’s, India’s most valuable startup, is in advanced discussions to go public through a merger with one of Churchill Capital’s SPACs.
The startup held talks with several potential SPAC partners and is farthest along in working out an agreement with Michael Klein’s Churchill Capital. Churchill Capital VII (NYSE:CVII) raised more than $1.3 billion in an offering in February.
Under the preliminary terms discussed, Byju’s would raise a total of about $4 billion and seek a valuation of about $48 billion. The startup was valued at $21 billion, according to market research firm CB Insights.
READVistas Media Acquisition Company Inc. and Anghami Announce Joint Venture Between Sony Music Entertainment Middle East and Anghami For New Record Label ‘Vibe Music Arabia’
Anghami Inc., the leading music streaming platform and service in the Middle East and North Africa, and Vistas Media Acquisition Company Inc. (NASDAQ:VMAC) a publicly traded SPAC led by CEO F. Jacob Cherian and co-founders Saurabh Gupta and Abhayanand Singh, announced the launch of a new joint venture record label, “Vibe Music Arabia”, between Sony Music Entertainment Middle East and Anghami.
On March 3, 2021, Vistas Media Acquisition Company Inc. entered into a definitive merger agreement to combine with Anghami.
READCanoo Revs Up U.S. Electric Vehicle Production Plan As it Drops Overseas Deal
Electric vehicle startup Canoo Inc. (NASDAQ:GOEV) on Wednesday said it was accelerating its production plans in the United States while ending its deal for VDL Nedcar in Netherlands to serve as its contract manufacturer in Europe.
Canoo shares were up 3% in after hours trading.
Hennessy Capital Acquisition Corp. IV completed its combination with Canoo on December 21, 2020.
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