Liberty Media-backed SPAC aims to raise $500 mln in U.S. IPO

Nov 19 (Reuters) – A blank-check company backed by Formula One-owner Liberty Media Corp is looking to raise $500 million in a U.S. initial public offering, a regulatory filing showed on Thursday.
Liberty Media Acquisition Corporation (LMAC) said it was aiming to sell 50 million units at $10 apiece, and that the special acquisition purpose company (SPAC) was looking for a target in the media, music, entertainment, communications and technology industries.
A SPAC is a shell vehicle that raises money in an IPO to buy and then merge with another company, typically within two years.

Several high-profile investors such as and Michael Klein have raised billions through their SPACs this year.

LMAC expects to list its units on the to trade under symbol “LMACU”.

, Morgan Stanley, and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering.

Source: Reuters – Liberty Media-backed SPAC aims to raise $500 mln in U.S. IPO

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