Business

Softbank launches a $ 200 million SPAC for Latin America

The SPAC is for investment in a Latin American technology company

Softbank
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Softbank has requested authorization from the U.S. Securities and Exchange Commission (SEC) to conduct a $ 200 million Special-Purpose Acquisition Company (SPAC) for investment in a Latin American technology company.

The website of the American stock exchange Nasdaq published that “LDH Growth I plans to leverage its management team’s experience to target a business in a technology-enabled sector, focusing on private, high-quality growth companies participating in the digital future of Latin American and Hispanic markets. Relevant sectors may include mobile communications technology, artificial intelligence, robotics, and cloud technologies, among others.”

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Citigroup and J.P. Morgan are the joint bookrunners on the deal.

According to a report by Brazil Journal, SPAC will not compete with Softbank Latin America Fund, which invests only in early-companies. This SPAC will bet on more consolidated companies in the market and on the way to an IPO. However, the SPAC documentation would allow investments in companies in the Softbank Latin America Fund portfolio.