Hong Kong Tycoon Richard Li Considers Third Bridgetown SPAC
(Bloomberg) -- Hong Kong billionaire Richard Li is considering setting up a third special purpose acquisition company in the U.S., according to people with knowledge of the matter.
Li and tech mogul Peter Thiel have raised about $900 million via two U.S.-listed SPACs under the Bridgetown brand. Thiel will not be involved in the third deal, the people said, asking not to be identified because the information is private. The new SPAC could raise a few hundred million dollars, one of the people said.
Considerations are at an early stage and there’s no final decision on the size of the deal, the people said. A representative for Li declined to comment.
A SPAC or blank-check company is a shell company that raises money from public investors with the goal of acquiring a business within two years. These deals have raised more than $48 billion in the U.S. alone just this year, according to data compiled by Bloomberg.
Bridgetown’s first vehicle was in early talks to take Indonesia’s e-commerce giant PT Tokopedia public in a deal that could value the combined company at $10 billion, Bloomberg News reported in December. The SPAC raised almost $600 million in October.
Bridgetown 2 Holdings Ltd. began trading last month after raising nearly $300 million.
©2021 Bloomberg L.P.