Photographer: Patrick T. Fallon / Bloomberg
Photographer: Patrick T. Fallon / Bloomberg
MSD Acquisition Corp., backed by an entity affiliated with billionaire Michael Dell’s family office, has raised a $ 500 million application in a blank check transaction.
The special purpose acquisition company plans to focus on targets in high growth sectors, including technology and media, according to a Friday filed with the U.S. Securities and Exchange Commission.
MSD Partners, an investment adviser attached to Dell’s family office, has committed to a $ 50 million pre-sale agreement, a private placement of $ 10 per unit that will be sold when the SPAC finds a target, the document showed. Dell, founder of computer maker Dell Technologies Inc., is a strategic advisor.
The firm is led by CEO Gregg Lemkau, CEO of MSD Partners and a former co-head of investment banking services at Goldman Sachs Group Inc.
SPACs dominated initial public offerings this year, accounting for 63% of the nearly $ 77 billion raised on U.S. wallets, according to data compiled by Bloomberg.
MSD Acquisition is expected to be listed on Nasdaq under the symbol MSDA. Goldman Sachs and Morgan Stanley advise the offer.
(Updates with SPAC IPOs in sixth paragraph. The connection to Dell’s family office was corrected in an earlier version of this story.)