$3bn Ackman Spac shows European ECM way to seize post-Covid opportunities
As investors search for opportunities in the chaos of the Covid-19 crisis, a gigantic special purpose acquisition company (Spac) from celebrated investor Bill Ackman has captured attention in the US. Spacs enable fund managers to raise capital to take minority investments in private companies. In the wake of the pandemic, equity market participants in Europe are wondering whether similar deals will emerge, writes Sam Kerr.
Bill Ackman, the hedge fund magnate who runs Pershing Square, has registered the largest Spac ever to be listed on the New York Stock Exchange in a $3bn IPO.