Horizon Acquisition (NYSE:HZON) stock is heading higher on Wednesday following rumors that the special purpose acquisition company (SPAC) will take Sportradar public via merger.
Here’s everything potential investors need to know about HZON stock and the Sportradar SPAC merger talk.
- Starting off, Horizon Acquisition is a blank-check company created with the purpose of taking a private company public.
- The company says it may target any company for a SPAC merger but is currently looking for one in the financial services industry.
- It specifically wants a company focused on “differentiated financial services and financial services-adjacent platforms.”
- It raised $525 million in October with its initial public offering (IPO).
- The company is led by investor and businessman Todd Boehly.
- Boehly is a co-founder of Eldridge Industries, a holding company based out of Connecticut.
- Insider sources are behind the rumors that Horizon Acquisition and Sportradar are considering a SPAC merger.
- However, the price for the deal is still currently unknown.
- It’s also unclear if and how much a private investment in public equity (PIPE) could raise for the merger.
- Rumors that Sportradar is planning to go public kicked off in late February.
- At that time, there was still debate on if the company would go public via a SPAC merger or IPO.
- Those claims said that a SPAC merger could value the company between $10 billion to $12 billion.
- There was also talk of a possible $2 billion raised from a PIPE.
HZON stock was up 18.1% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.