Elliott Management looks to raise more than US$1b for a SPAC: WSJ

[BENGALURU] Hedge fund Elliot Management has been meeting with bankers to raise about more than US$1 billion for a special purpose- acquisition company, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

The process is at an early stage and plans could change, the report added.

Elliott Management did not immediately respond to Reuters request for comment.

A SPAC, a shell company that raises money in an IPO before later merging with a privately held company to take the latter public, has become many investors' structure of choice over the past year.

SPACs raised US$24.26 billion in January, 20 times more than the same period in 2020, Refinitiv data showed.

Last month's haul was already 30 per cent of the total US$79 billion raised by SPACs in the whole of 2020.

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REUTERS