73°F
weather icon Clear

Golden Knights’ owner Foley looks to raise $1.2B with new SPAC

Updated August 4, 2020 - 3:54 pm

As the Golden Knights get things done on the ice amid the NHL’s season relaunch, owner Bill Foley is looking to net a win in the financial markets.

According to a filing with the U.S. Securities and Exchange Commission, Foley is looking to raise $1.2 billion via a special purpose acquisition company to be called Foley Trasimene Acquisition Corp. II.

The money would be raised through an initial public offering with 120 million shares and warrants, according to Friday’s filing. For $10, a buyer would receive one share of Class A common stock and one-third of a redeemable warrant.

The blank-check company states in the SEC filing that its business plan is to merge with one or more businesses or entities within two years.

After that merger, public shareholders would be able to redeem their shares.

“We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target,” the filing states. “Although we may pursue targets in any industry, we intend to initially focus our search on identifying a prospective target business in financial technology or information and business services.”

Foley wasn’t immediately available for comment. The filing notes he “has over 32 years of experience in industry consolidation” and has a background in the “financial, technology, insurance and services sectors.”

The underwriters for the offering are noted as Credit Suisse and Bank of America Securities.

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on Twitter.

Don't miss the latest VGK news. Like our Golden Edge page
THE LATEST
3 questions facing Golden Knights next season

The Golden Knights have questions to answer as they pursue the Stanley Cup again next season. No surprise, goalies Marc-Andre Fleury and Robin Lehner are No. 1 on the list.

Grading the Golden Knights in the postseason

The Golden Knights looked like one of the NHL’s best teams for their first 12 playoff games before being eliminated in five games by the Dallas Stars.