The management of German startup incubator Rocket Internet SE are creating a special-purpose acquisition vehicle that will look for a technology deal outside of the U.S.
Rocket’s Chief Executive Officer and co-founder Oliver Samwer, board member Soheil Mirpour, and Donald Stalter, who managed North American investments for private equity firm GFC Global Founders Capital GmbH, will run the blank-check company, which will sell shares on the New York Stock Exchange, the group said in a regulatory filing on Tuesday.
Rocket is joining a boom in SPAC filings that investors are using to take advantage of soaring valuations, particularly for technology shares. These vehicles use funds raised from their initial public offerings to buy a private company, which then takes over the stock market listing.
The Rocket Internet Growth vehicle will sell 25 million units at $10 each. The units will consist of a share in the blank-check company and one quarter of a warrant that can be redeemed for a share at $11.50, the company said. Citigroup Inc. is the sole bookrunner.
Source: BNN Bloomberg
By Amy Thomson
