Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
Omar Ishrak, president of Intel Corp, intends to raise funds for an objective verification firm, which targets transactions in the health technology sector, according to people with knowledge in this regard.
Ishrak, who previously ran the medical device giant Medtronic Plc could file public registration documents with the U.S. Securities and Exchange Commission as soon as Tuesday, people said, asking not to be identified because the information is private. Ishrak aims to raise about $ 750 million to $ 1 billion for the special purpose purchasing company or SPAC, they said.
Goldman Sachs Group Inc. lead preparations for the initial public offering, people said. Hedge fund administrator Joshua Fink, who is his son Larry Fink of BlackRock Inc. and Medtronic CEO Jean Nehme will lead the gap check company, people said. Ishrak is ready to be president, they said.
An Intel representative could not immediately comment on Ishrak’s behalf. A Goldman Sachs spokesman declined to comment.
SPACs, once an obscure vehicle used by several companies to go public, have catapulted to record levels in 2020, raising about $ 79 billion on U.S. stock markets, according to data compiled by Bloomberg.
That momentum continued through 2021, with 53 blank check companies raising $ 15 billion in listings through January, the data show. This month, another forty-seven SPACs announced $ 11.7 billion combined fundraising plans and are awaiting IPOs.
– With the assistance of Ian King