Former Trump Advisor Cohn Asks $ 600 Million For Blank Check Company IPO

0
88


NEW YORK (Reuters) – Gary Cohn, former economic adviser to U.S. President Donald Trump, teamed up with investor Clifton S. shown on Tuesday.

FILE PHOTO: Former U.S. National Economic Council Director Gary Cohn speaks at a Reuters Newsmaker event in New York City, United States, September 17, 2018. REUTERS / Jeenah Moon

Cohn is the latest high profile name to join the frenzy of Wall Street deals related to Special Purpose Acquisition Companies (SPAC).

PSPC was considered a banking backwater ten years ago, but emerged in 2020 as one of the busiest neighborhoods on Wall Street, thanks to booming deals for space tourism firm Virgin Galactic Holdings Inc and the company DraftKings Inc.

High-profile financiers such as Bill Ackman, Michael Klein and Chamath Palihapitiya as well as former U.S. House Speaker Paul Ryan are among the sponsors of SPAC’s 2020 IPOs.

A PSPC is a shell company that raises funds through an IPO to buy an unspecified operating company and then go public, usually within two years.

Cohn’s SPAC, Cohn Robbins Holdings Corp, will seek to sell 60 million units in an IPO at $ 10 apiece, and will be listed on the New York Stock Exchange under the symbol “CRHC.U”.

SPAC had previously been registered with the United States Securities and Exchange Commission as CSR Acquisition Corp and had planned to raise $ 300 million.

Cohn had been in talks with Robbins for about a month to join the PSPC, according to a person familiar with the matter.

Former president and chief operating officer of Goldman Sachs Group Inc, Cohn served in Trump’s White House for just over a year and was a driving force behind the administration’s tax overhaul enacted in 2017. .

Robbins had told his clients in February that he was shutting down his investment firm, Blue Harbor Group, to do something different.

Credit Suisse is the sole accounting manager of the IPO of Cohn Robbins Holdings.

Report by Joshua Franklin in New York; Editing by Tom Brown

Our standards:Thomson Reuters Trust Principles.

LEAVE A REPLY

Please enter your comment!
Please enter your name here