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3yrs ago Private Equity privateequitywire Views: 369

Starboard Value Acquisition Corp completes USD360m IPIO

Submitted 15/09/2020 - 4:10pm

Starboard Value Acquisition Corp (SVAC) has closed its initial public offering of 36,000,000 units, which was priced at $10.00 per unit, and resulted in gross proceeds of USD360 million.

SVAC is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses. The Company’s sponsor, SVAC Sponsor, is an affiliate of Starboard Value LP.

 
While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on industries that align with the background and experience of its Sponsor and Industry Advisors. These industries include the technology, healthcare, consumer, industrials and hospitality & entertainment sectors.
 
UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated and Cowen and Company, LLC acted as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option from the date of the final prospectus to purchase up to an additional 5,400,000 units to cover over-allotments, if any.
 
Registration statements relating to these securities became effective on 9 September, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
 

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