Exclusive: SPAC merger aims to beat London rush with new blank check company – sources
LONDON (Reuters) – Fusion Acquisition CEO John James is in talks to launch a new blank check company that could be listed in London in the coming weeks with the aim of becoming the first to take advantage of a new UK SPAC regime, sources told Reuters.
James, who heads two Nasdaq-listed SPACs – Fusion Acquisition Corp and Fusion Acquisition Corp II – is working with JPMorgan on a third Fusion investment platform, the sources said.
The plan, backed by Fusion Chairman Jim Ross, who has spent more than two decades focusing on exchange-traded funds, is the latest from a PSPC entrepreneur who became a serial investor during the boom. 2020 and 2021 blank check companies.
Investors invested more than $ 300 billion in listing these shell companies before identifying and acquiring a business, writing a blank check to lenders.
JPMorgan declined to comment. Fusion, James and Ross were not immediately available for comment.
Fusion’s choice for London comes as post-Brexit Britain scrambles to make the capital more competitive in one of the hottest areas of finance.
One of the sources said James wanted his latest Fusion vehicle to gain attention by being the first blank check company to be listed under a new PSPC regime in London, which avoids blocking investors during an uncertain period. .
The upcoming changes aim to help Britain compete better with other European hubs, including Amsterdam, which has so far won the lion’s share of SPAC lists in Europe.
James, who is also the co-founder and chairman of Singapore-based fintech company BetaSmartz, is looking to raise around $ 300 million for a new vehicle that will target a wide range of financial companies, including asset managers and insurers. equipped with disruptive technologies, the sources mentioned.
The first Fusion platform, established in 2020, merged with digital finance company MoneyLion in February just before the PSPC boom in the United States cooled off after new SEC requirements to review warrants, which are often issued by PSPCs.
Fusion Acquisition II raised $ 435 million on February 26.
Reporting by Pamela Barbaglia and Abhinav Ramnarayan; Editing by Alexander Smith