East Resources Acquisition Company said it has entered into a non-binding letter of intent for a business combination with a vertically integrated alternative asset manager specializing in specialty insurance products, with a focus on origination, asset management, valuation and servicing.
The unnamed target has an experienced management team that has built the business into a market sector leader and demonstrated an ability to drive growth and continuously scale the business, according to the SPAC’s press release.
East Resources added that it expects to announce a definitive agreement later in the third quarter. Meanwhile, the SPAC is asking shareholders to approve a deadline extension from July 27 until Jan. 27, 2023.
The SPAC raised $300 million in an IPO two years ago. East Resources was launched with the intention of targeting North American energy companies. The SPAC is led by Terrence Pegula, CEO, president and chairman. In 2010, he sold assets of East Resources to Royal Dutch Shell for $4.7 billion. In 2014, he was the majority owner of assets sold by HG Energy to American Energy Partners for $1.75 billion. Read more.
