The spectacle of the SPAC has preoccupied bankers on Wall Street over the past year, The Economist writes. This is in part because the vehicles are often touted by their backers as an alternative to an IPO. Big banks make meaty fees from their IPO businesses. For some, the fact that SPACs have muscled in is an unwelcome development. As voracious buyers of private firms, though, SPACs are attracting as much attention among the private-equity barons on New York’s Park Avenue as on Wall Street. Read more.
The Australian businessman already took his blank-check firm Catcha Investment public this year with a $300 million IPO.
Virtuoso is looking to raise new equity to support the transaction with a value of more than $1 billion. A PIPE is said to be crucial to closing the deal.
The investment firm operates in Europe and the U.S., and is focused on investments in the real estate, hospitality, lifestyle and leisure sectors.
SQSP opened at $48 and later fell to as low as $42.82, some 14.4 percent below a $50 reference price that the New York Stock Exchange had set, Seeking Alpha reports.