From PitchBook, January 25:
SPAC glut powers exit spree for PE- and VC-backed companies
Blank-check companies announced five billion-dollar mergers on Monday, a sign that SPAC managers are wasting no time in finding target companies.
In the largest tie-up, Blackstone-backed benefits provider Alight was valued at $7.3 billion in its merger with investor Bill Foley's Foley Trasimene Acquisition.
Digital advertising company Taboola expects to raise $545 million in a merger with Ion Acquisition at a $2.6 billion valuation. The Hillman Group, which makes home building hardware and is owned by CCMP Capital Advisors, was also valued at around $2.6 billion in a SPAC combination with Landcadia Holdings III.
Digital lock developer Latch plans to merge with a blank-check company started by Tishman Speyer Properties at a nearly $1.6 billion valuation. And solar company Sunlight Financial was worth $1.3 billion in a deal with an Apollo Global Management-sponsored SPAC.
Sponsors typically have two years to find a deal, but four of the five SPACs that announced merger agreements on Monday went public in the past four months. The oldest, Foley Trasimene, went public in August....
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