The Latest SPAC News and Rumors: May 8, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Singapore TV licensing startup Allrites to merge with Aura FAT Projects and activist investor Impactive takes a stake in Clarivate
Singapore TV Licensing Startup Allrites to Merge With Aura SPAC
Allrites Holdings Pte, a Singaporean film and television content rights marketplace, has agreed to go public through a merger with US-listed blank check firm Aura FAT Projects Acquisition Corp. (NASDAQ: AFAR).
The transaction will give Allrites an enterprise value of $92 million on a pro forma basis, according to a statement seen by Bloomberg News. The deal also includes a potential $18 million in earnout over two years, subject to the company achieving certain revenue targets. The agreement allows Aura Fat Projects to seek a private investment in public equity, or PIPE, before closing the transaction.
READImpactive takes a stake in Clarivate and sets the tone for activism in the post-SPAC world
On April 27, Impactive announced that it took a stake in Clarivate. Impactive Capital is an activist hedge fund founded in 2018 by Lauren Taylor Wolfe and Christian Alejandro Asmar. Impactive Capital is an active ESG (AESG) investor that launched with a $250 million investment from CalSTRS and now has over $2.5 billion.
Clarivate (NYSE:CLVT) went public via a special purpose acquisition company in 2019 and tripled the size of its business over three years through three transformative acquisitions. Their latest acquisitions were Patient Connect (December 2021), Bioinfogate (August 2021), and ProQuest (announced in May 2021).
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