SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son speaks at a press conference on November 6, 2019 in Tokyo, Japan.
Tomohiro Ohsumi | Getty Images
SoftBank Group filed Monday to launch a special purpose acquisition company and said it planned to raise $ 525 million for an investment in a technology company.
The Japanese investment giant is the latest big name to join the wave of so-called blank check companies, where an investment vehicle enters public markets and then uses the money raised to merge with a private company.
“Our SPAC will bridge SoftBank’s private and public investment strategies by enabling us to partner with a fast-growing, IPO-ready technology company. We believe we have access to a wide range of attractive investment opportunities through our broad international presence and in-depth local networks, ”the company said in a securities filing.
SPACs have seen tremendous interest in 2020 and the involvement of leading investors, including hedge fund manager Bill Ackman. According to Renaissance Capital, the deals have raised more than $ 60 billion this year.
Softbank has been one of the largest investors in private technology and technology-related companies, with varying degrees of success. The company’s past investments include Uber, ByteDance and WeWork.
The company was also a controversial player in the public markets this year, with reports that SoftBank was the “Nasdaq whale” buying large amounts of options on technology stocks.