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Deals

Third SPAC led by LA Dodgers owner Boehly files for $500 million U.S. IPO

(Reuters) - A blank-check firm led by Todd Boehly, who is an owner of Los Angeles Dodgers, on Wednesday filed for an initial public offering of up to $500 million in the U.S.

The special purpose acquisition company, or SPAC, named Horizon Acquisition Corp III, is looking to sell 50 million units at $10 each.

Boehly, who also leads investment firm Eldridge, will be the chief executive officer of the SPAC. This is the third SPAC the veteran investor will be leading, besides Horizon Acquisition Corp and Horizon Acquisition Corp II.

A SPAC raises a pool of capital in an IPO and uses it to buy a company, taking it public. This is often combined with a private investment from other investors.

The SPAC’s units will be listed on the New York Stock Exchange under the symbol “HZNA.U”. Deutsche Bank Securities, Credit Suisse and RBC Capital Markets are the underwriters for the offering.

Last week, Bloomberg News reported that online ticket marketplace Vivid Seats was in talks to go public through Boehly’s Horizon Acquisition Corp II.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber

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