Mubadala Capital, the asset management arm of Mubadala Investment Company, launched a $200 million initial public offering of a blank-cheque company which will seek acquisitions in media and technology sectors.
Blue Whale Acquisition Corp I, sponsored by Mubadala Capital, is offering 20,000,000 units in its public offering at $10 per unit, the company said on Wednesday. It will list on the Nasdaq Capital Market in the US.
The special purpose acquisition company is formed for the “purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses in the media, entertainment and technology industries”, the company said.
BWAC will be led by Maxime Franzetti, head of public equities and Spacs at Mubadala Capital. Adib Mattar, head of private equity at the company and Russ Pillar, founder of Reigning Champs, a student athletes company in the US, also have leadership roles in the investment vehicle.
Goldman Sachs and BofA Securities are acting as book-runners on the deal.
A Spac is a vehicle with no commercial operations. It is formed with the specific intention of raising funds through an IPO and then acquiring an existing company. Spacs have lighter disclosure requirements and have increasingly been used over the past 18 months to take fast-growing companies public quickly.
However, the number and value of blank-cheque company IPOs have slowed in the second quarter of 2021 after a boom in first-quarter listings, according to law firm Allen & Overy.
There were 79 Spac listings during the three months to the end of June that raised a total of $14.6 billion. This was 75 per cent lower by volume and 85 per cent lower by value than the 310 listings in the first quarter, which raised $95.5bn. More was raised via Spacs in the first three months of this year than the $83bn of Spac proceeds from the whole of last year.
Spacs are also becoming popular in the Middle East after music-streaming service Anghami said earlier this year it would list on the Nasdaq through a Spac merger. Swvl, based in Dubai, will become the second technology start-up from the region to list on the Nasdaq through a Spac but the first to have a $1.5bn valuation.
Last month, Dubai investment bank Shuaa Capital said it plans to set up three Spacs with capital of $200m each. In March, Dubai financial and investment advisory company Arrow Capital also co-sponsored the listing of a $240m Spac to pursue merger opportunities in the technology sector.
In addition to managing its own investments, the BWAC sponsor Mubadala Capital manages about $9bn in third-party capital. The company has a long track record of investments, especially in media, entertainment and premium content and services sectors.
It acquired EMI Music Publishing in 2012 and successfully exited in 2018. It has also invested in entertainment, content and sports company Endeavor, Reigning Champs, Imagine Entertainment, Yes Network and Looping Group.
“In total, these transactions and others in the media, entertainment and premium content and services sectors represent more than $1bn of capital,” the company said.
Key facilities
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- Premier League-standard football pitch
- 400m Olympic running track
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- An elevated football field that doubles as a helipad
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Global state-owned investor ranking by size
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The Two Popes
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The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
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There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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Origin
Dan Brown
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26 UAE teams
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
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The specs: 2018 Mercedes-Benz E 300 Cabriolet
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Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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Name: Hassan Mohsen Elhais
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