ソフトバンクがSPACをさらに2社申請

今回は「ソフトバンクがSPACをさらに2社申請」についてご紹介します。

関連ワード (Softbank Group、Softbank Vision Fund、SPAC等) についても参考にしながら、ぜひ本記事について議論していってくださいね。

本記事は、TechCrunch様で掲載されている内容を参考にしておりますので、より詳しく内容を知りたい方は、ページ下の元記事リンクより参照ください。


SPAC(特別買収目的会社)を巡る熱狂は衰えることなく続いており、時には新しいSPACがほぼ1時間ごとにSECに申請されることがある。

巨大なビジョンファンドとその後継ファンドを運用する日本の通信コングロマリットであるSoftbank(ソフトバンク)は取り残されたくないと考えている。同社は米国時間2月5日、2つの新しいブランクチェック(白紙小切手)会社に関して連続してSPAC登録届出書を提出した。

SVF Investment Corp 2(SVF2)は2億ドル(約210億円)、SVF Investment Corp 3(SVF3)は3億5000万ドル(約370億円)のビークルだ。それぞれのSPACには標準で約15%のオーバーアロットメントオプションがある。つまり、引受会社がオプションを選択したと仮定すると、最終的なサイズはそれぞれ2億3000万ドル(約250億円)と4億ドル(約420億円)になる可能性がある(計算していただくとわかるが、SVF3のオーバーアロットメントは15%よりわずかに小さい)。

2社の興味深い要素の1つは、ソフトバンクのビジョンファンド2に関連する先渡購入契約と呼ばれるものがあることだ。ビジョンファンド2はこの契約に基づき、対象となるスタートアップとの企業結合が始まるときにSPACの株を購入できる。つまり合併に参加する権利が与えられる。ビジョンファンド2はSVF2と1億ドル(約105億円)、SVF3と1億5000万ドル(約160億円)の契約を結んだ。

すべてのSPACと同様、登録届出書は単に資金を調達する意図で提出されているが、最近では大部分の申請が後になってクローズしている。

数字が示すように、ソフトバンクは以前SPACの申請を行っていた。これは2020年12月に申請され、2021年1月7日に正式にクローズした。このビークルは引受人のオーバーアロットメントオプションを含め合計6億400万ドル(約630億円)の資金調達を目標としていた。また、最新のビークル2社と同様、ビジョンファンド2との2億5000万ドル(約260億円)の先渡購入契約も含まれていた。

SPAC2社が探しているのは何か。提出書類によると「私たちはテクノロジーを利用するセクターでの事業を探索、買収、経営する意図があります。その分野で私たち経営陣は他とは異なる経験と洞察を有しています。モバイル通信技術、人工知能、ロボット工学、クラウドテクノロジー、ソフトウェア全般、計算生物学およびその他のデータ駆動型ビジネスモデル、半導体およびその他のハードウェア、輸送テクノロジー、消費者向けインターネットおよび金融テクノロジーが含まれますが、これらに限定されません」。

多くをカバーしているように見えるが、念のために、提出書類では「しかし、私たちは異なるまたは関連する業界の企業との取引を完了するかもしれない」と述べている。つまり基本的に何でも対象になる。

SPACがクローズされるタイミングついて決まった予定はまだないが、市場平均を考えると通常は4〜8週間だ。

画像クレジット:Alessandro Di Ciommo/NurPhoto / Getty Images


【原文】

The SPAC mania continues unabated, with new SPACs being filed with the SEC on an almost hourly basis at times.

SoftBank, the Japanese telecom conglomerate which has also been running the gigantic Vision Fund and its successor, doesn’t want to be left out. Yesterday, it filed back-to-back SPAC registration statements for two new blank-check companies.

SVF Investment Corp 2 is $200 million and SVF Investment Corp 3 is a $350 million vehicle. Both SPACs have a standard roughly 15% over-allotment option, which means that their final sizes will likely end up at $230 million and $400 million respectively assuming that the underwriters take their option (number three has a slightly smaller over-allotment if you’re checking my math).

One interesting component of both SPACs is that they have what is known as a forward purchasing agreement connected to SoftBank’s Vision Fund 2. That agreement allows the second Vision Fund to purchase shares into these SPACs when they begin their business combinations with their target startups, essentially giving it the right to buy into the mergers. The Vision Fund has a $100 million agreement with SVF 2, and a $150 million agreement with SVF 3.

As with all SPACs, a registration statement is merely a filing of an intention to raise money, although these days, the vast majority of filings are later consummated.

As the numbering indicates, SoftBank had an earlier SPAC that it filed in December and officially closed on January 7 of this year. That vehicle targeted a total fundraise of $604 million including the underwriters’ over-allotment option. It also included a $250 million forward purchase agreement with the second Vision Fund similar to these latest two vehicles.

What are these SPACs looking for? Well, according to the filings, “We intend to identify, acquire and manage a business in a technology-enabled sector where our management team have differentiated experience and insights. Relevant sectors may include, but are not limited to, mobile communications technology, artificial intelligence, robotics, cloud technologies, software broadly, computational biology and other data-driven business models, semiconductors and other hardware, transportation technologies, consumer internet and financial technology.”

That seems to cover a lot, but just in case, the filings note that “However, we may consummate a transaction with a business in a different or related industry.” So basically anything.

There is no timeline yet for when the SPACs could potentially close, but typical timing is 4-8 weeks given market averages.

(文:Danny Crichton、翻訳:Nariko Mizoguchi)

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弊社の活動と関連する業界話を、代表の池澤崇自らが語るポッドキャスト番組「ニューヨークでビジネスやってますが?」と、放送内容を記事にまとめ、さらなる情報を加えたブログ「note 」。これらの内容を、コンパクトにまとめてお伝えします。興味のあ

February 6, 2021 - Digital Pulse

We crawled into an abandoned school bus, trespassed through dilapidated hallways, dodged fleeting thunderstorms and wandered through empty streets of Chinatown late into the evening. For two summery weeks, I couldn’t have been happier. New York City was in lockdown. I’d been quarantined in my dinky apar ...

The Australian dollar was the top performer last week ...

Summary By sueyangfx.com February 06, 2021 at 02:52PM AUD/CHF was the top trade The Australian dollar led the way last week entirely due to a strong rally on Friday as it climbed 1% against the US dollar.

What Are the Symptoms of Pleural Mesothelioma? | Home of ...

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Wall Street Week - Full Show (02/05/2021) - Bloomberg

One of the most iconic brands in financial television returns for today's issues and today's world. This week's Wall Street Week features David Westin's interviews with Former Treasury Secretary ...

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