Photographer: Patrick T. Fallon / Bloomberg
Photographer: Patrick T. Fallon / Bloomberg
MSD Acquisition Corp., backed by an entity linked to the office of billionaire Michael Dell’s family, has filed a lawsuit to raise $ 500 million in a blank check agreement.
The special-purpose procurement company intends to focus on targets in high-growth sectors, including technology and media, according to Friday’s submission to the US Securities and Exchange Commission.
MSD Partners, an investment adviser linked to the Dell family office, has pledged a $ 50 million advance purchase agreement, a $ 10 private placement per unit that will be sold when SPAC finds a target. showed in the document. Dell, the founder of computer maker Dell Technologies Inc., is a strategic advisor.
The company is led by CEO Gregg Lemkau, CEO of MSD Partners and a former co-head of investment banking at Goldman Sachs Group Inc.
SPACs came to dominate initial public offerings this year, accounting for 63 percent of the nearly $ 77 billion raised on U.S. stock markets, according to data compiled by Bloomberg.
The MSD acquisition is expected to be listed on the Nasdaq under the MSDA symbol. Goldman Sachs and Morgan Stanley advise the offer.
(Updates to SPAC IPOs in the sixth paragraph. The affiliation of the Dell family office was corrected in an earlier version of this story.)