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.
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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.
