Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
According to people with knowledge of the matter, Omar Ishrak, chairman of Intel Corp., plans to raise funds for a firm with blank checks that deals in the healthcare technology sector.
Ishrak, which previously ran a giant of medical devices Medtronic Plc, may file the public registration documents with the U.S. Securities and Exchange Commission as soon as Tuesday, the people said, asking not to be identified because the information is private. Ishrak aims to raise about $ 750 million to $ 1 billion for the specialty procurement company, or SPAC, according to them.
The people said Goldman Sachs Group Inc. leads the preparations for the initial public offering. Hedge Fund Manager Joshua Fink, the son of BlackRock Inc., Larry Fink, and Jean Nehme, CEO of Medtronic, will have senior roles at the blankcheck company, the people said. Ishrak intends to chair, they said.
An Intel representative could not immediately comment on behalf of Ishrak. 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, and according to data compiled by Bloomberg, raised about $ 79 billion on U.S. wallets.
The momentum began in 2021, with 53 blank-check companies raising $ 15 billion in listings so far in January, the data shows. Forty-seven more SPACs announced plans this month to raise a combined $ 11.7 billion and await IPOs.
– With help by Ian King