SoftBank launches $200M SPAC for Latam tech companies

LatamListSoftBank has requested authorization from the U.S. Securities and Exchange Commission (SEC) for a $200M Special-Purpose Acquisition Company (SPAC). The SPAC is backed by Citigroup and J.P.Morgan who are book-runners on the deal.

According to the Brazil Journal, the SPAC will not compete with the $500B SoftBank Latin America Fund, which only invests in early-stage startups. Instead, the SPAC will focus on more developed companies in the market and that are on the way to an IPO. 

The website of the American stock exchange Nasdaq release the statement:

“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.”

The SPAC will invest in mobile communications, artificial intelligence, robotics, cloud technologies, and similar technology-based companies. 

Read more on Brazil Journal.

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