Michael Dell-Backed SPAC Files to Raise $500 Million


MSD Acquisition Corp., backed by an entity linked to billionaire Michael Dell’s family office, filed to raise $500 million in a blank-check deal.

The special purpose acquisition company plans to focus on targets in high-growth sectors including technology and media, according to a Friday filing with the U.S. Securities and Exchange Commission.

MSD Partners, an investment adviser tied to Dell’s family office, has committed to a $50 million forward purchase agreement, a $10-per-unit private placement that will be sold when the SPAC finds a target, the document showed. Dell, founder of computer-maker Dell Technologies Inc., is a strategic adviser.

The firm is led by Chief Executive Officer Gregg Lemkau, CEO of MSD Partners and a former co-head of investment banking at Goldman Sachs Group Inc.

SPACs have come to dominate initial public offerings this year, accounting for 63% of the almost $77 billion raised on U.S. exchanges, according to data compiled by Bloomberg.

MSD Acquisition is expected to be listed on Nasdaq under the symbol MSDA. Goldman Sachs and Morgan Stanley are advising the offering.

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