News Exclusive | Elliott Management Explores Raising a SPAC
Summary
Elliott Management Corp., the hedge fund best known for its high-profile shareholder-activist campaigns, is looking to join the sizzling SPAC craze. The firm, founded by billionaire Paul Singer, has been meeting with bankers about raising more than $1 billion for a special purpose-acquisition company, according to people familiar with the matter. Assuming Elliott moves forward, it could use the proceeds to buy a sizable company—potentially worth double-digit billions based on the targets similarly sized blank-check companies have agreed to combine with. SPACs are empty shells that raise money with the sole purpose of looking for a target to merge with and in the process take public. They often feature big-name investors or celebrity backers such as former Yankees star Alex Rodriguez and ex-House Speaker Paul Ryan.