Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
Intel Corp. President Omar Ishrak is planning to raise funds for a blank check company aimed at businesses in the healthcare technology sector, according to people with knowledge of the matter.
Ishrak, who once headed the medical device giant Medtronic Plc can send public registration documents to the United States Securities and Exchange Commission as early as Tuesday, people said, asking not to be identified because the information is private. Ishrak aims to raise about $ 750 million to $ 1 billion for the special purpose acquisition company, or SPAC, they said.
Goldman Sachs Group Inc. is leading preparations for the initial public offering, people said. Joshua Fink, hedge fund manager, son of Larry Fink of BlackRock Inc. and Jean Nehme, a Medtronic executive, will hold senior positions at the blank check company, people said. Ishrak is about to be the president, they said.
An Intel representative could not immediately comment on Ishrak’s behalf. A Goldman Sachs spokesman declined to comment.
SPACs, once an obscure vehicle used by some companies to go public, reached record levels in 2020, raising about $ 79 billion on U.S. stock exchanges, according to data compiled by Bloomberg.
That momentum extended until 2021, with 53 blank check companies raising $ 15 billion in quotes so far in January, the data show. Forty-seven more SPACs this month have announced plans to raise a combined $ 11.7 billion and are awaiting IPOs.
– With the help of Ian King