Thiel-Backed SPAC Weighs $2.5B Circles.Life Deal

Bridgetown Holdings, the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is considering a potential merger with digital telecom services provider Circles.Life, Bloomberg reports, citing people familiar with the matter.

The SPAC is holding early talks with Singapore-based Circles.Life to explore a transaction, the people said, asking not to be identified because the matter is private. Bridgetown could seek a valuation for the combined entity of about $1.5 billion to $2.5 billion, the people said. Read more.

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SPACs Stand or Fall on Their Disclosures: Report

The SPAC boom has hit a major roadblock in the form of faulty disclosures, the law firm of Schiffer Hicks Johnson writes in an article for JDSupra. The recent deluge of SPAC litigation has mainly focused on these disclosures — specifically, disclosures made during the SPAC’s IPO as well as the de-SPAC transaction.