Burkhan World Investments Is Said to Explore IPO for Debut SPAC
(Bloomberg) -- Burkhan World Investments is exploring raising a blank-check firm, yet another potential entrant to the burgeoning business of special purpose acquisition companies.
The vehicle, Burtech Acquisition Corp., is working with an underwriter and may target about $250 million in an initial public offering, according to a person with knowledge of the matter who asked not to be identified because the plans aren’t yet public. Burkhan, based in Washington D.C., has made investments in sectors including hospitality, mining and technology, according to its website.
The Burtech SPAC is set to be led by Chief Executive Officer Shahal Khan, founder of Burkhan World, and President Isaac Chetrit, a longtime real estate executive. It will seek to strike a deal with a company in the property-, infrastructure- or financial-technology sectors, the person said.
Burkhan is also weighing raising a collective $1.65 billion through three additional SPACs, the person said. One is set to focus on environmental, social and governance-related technology that facilitates sustainable living. Another will target the media sector with a focus on streaming entertainment, and a third will eye a transaction in the quantum-computing and artificial-intelligence arena.
Executives in talks to lead the additional SPACs include Peter Plaut, Bill Mundell and Gary Fowler, the person said. Terms aren’t yet finalized and could still change.
A spokeswoman for Burkhan declined to comment.
Almost 300 SPACs have announced plans to go public in the U.S. this year, seeking a combined $90 billion, figures compiled by Bloomberg show.
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