Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
Intel Corp. Chairman Omar Ishrak plans to raise money for a blank-check company targeting deals in the health technology sector, said knowledgeable people.
Iraq, which previously led the medical equipment giant Medtronic Plc could file public registration documents with the US Securities and Exchange Commission starting Tuesday, the people said, requesting it not be identified because the information is private. Iraq is aiming to raise about $ 750 million to $ 1 billion for the special acquisition company, or SPAC, they said.
Goldman Sachs Group Inc. leads the preparations for the IPO, said the people. Hedge fund manager Joshua Fink, who is the son of Larry Fink of BlackRock Inc. and Jean Nehme, president of Medtronic, will hold senior positions at the blank check company, people said. Iraq is poised to become chairman, they said.
An Intel representative was unable to comment immediately on behalf of Iraq. A Goldman Sachs spokesman declined to comment.
SPACs, once an obscure vehicle used by a few companies to go public, catapulted to record levels in 2020, raising about $ 79 billion on U.S. exchanges, according to Bloomberg data.
That momentum has continued into 2021, with 53 blank check companies raising $ 15 billion in listings to date in January, the data shows. Forty-seven more SPACs this month have announced plans to collectively raise $ 11.7 billion and await IPOs.
– With help from Ian King