Elliott Management looks to raise more than $1 billion for a SPAC: WSJ

FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake

(Reuters) – Hedge fund Elliot Management has been meeting with bankers to raise about more than $1 billion for a special purpose- acquisition company, the Wall Street Journal reported (on.wsj.com/39VmwoS) on Sunday, citing people familiar with the matter.

The process is at an early stage and plans could change, the report added.

Elliott Management did not immediately respond to Reuters request for comment.

A SPAC, a shell company that raises money in an IPO before later merging with a privately held company to take the latter public, has become many investors’ structure of choice over the past year.

SPACs raised $24.26 billion in January, 20 times more than the same period in 2020, Refinitiv data showed. Last month’s haul was already 30% of the total $79 billion raised by SPACs in the whole of 2020.

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