They call themselves the SPAC mafia.
They are an unofficial but influential group of investors who make or break any deal proposed by a special-purpose acquisition corporation, or SPAC. And this hard-to-please group has found a deal they like in Alignvest Acquisition Corp. 's bid for a U.S. wireless company, one of three Canadian SPACs currently seeking shareholder approval for a takeover.
SPAC godfathers seem prepared to bless the Alignvest acquisition, which is scheduled to be put to a vote in January. That's because the Toronto-based SPAC gave the market exactly what it wanted with a clean, simple bid for Seattle-based Trilogy International Partners, a private company owned by proven telecom executives that runs wireless networks in New Zealand and Bolivia.
The outlook is less rosy for takeovers proposed by Acasta Enterprises Inc. and Dundee Acquisition Ltd. Founders of these SPACs are finding it's harder to invest their cash than it is to raise it from investors. Story
DAILY DEALS
Dubai-based investment firm KBC Aldini Capital Ltd. has "no involvement" in the proposed multibillion-dollar privatization deal for Canadian online gambling company Amaya Inc. and has filed a complaint with U.S. regulators, its top executive says. Story
IN CASE YOU MISSED IT
Niall McGee on why the Competition Bureau closed its investigation into TMX Group. Story
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