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Elliott management looks to raise more than $1 bln for a SPAC- WSJ

·1 min read

Feb 7 (Reuters) - Hedge fund Elliot Management has beenmeeting with bankers to raise about more than $1 billion for aspecial purpose- acquisition company, the Wall Street Journalreported https://on.wsj.com/39VmwoS on Sunday, citing peoplefamiliar with the matter.

The process is at an early stage and plans could change, thereport added.

Elliott Management did not immediately respond to Reutersrequest for comment.

A SPAC, a shell company that raises money in an IPO beforelater merging with a privately held company to take the latterpublic, has become many investors' structure of choice over thepast year.

SPACs raised $24.26 billion in January, 20 times more thanthe same period in 2020, Refinitiv data showed. Last month'shaul was already 30% of the total $79 billion raised by SPACs inthe whole of 2020.(Reporting by Sabahatjahan Contractor in Bengaluru; editing byDiane Craft)