Uday Shankar, President of Walt Disney Company in the Asia-Pacific region, and the erstwhile chairperson of Star & Disney India, has established a ‘Special Purpose Acquisition Company’, commonly known as SPAC with James Murdoch to explore acquisition opportunities in South Asia, particularly India.
They are looking to acquire companies in the entertainment, media, healthcare, consumer technology, and education industries. For this, they are floating Seven Islands Inc (which operates as a blank cheque company) for INR 2,200 crore/ $300 million initial public offering (IPO) with the US Securities and Exchange Commission. Both the parties, Shankar and Murdoch will be co-chairpersons of the company.
It added that the objective is to provide a target company with an efficient path to go public with a significant degree of ongoing funding certainty while creating value for shareholders by assisting management with strategy and operations. It added that the objective is to provide a target company with a significant degree of ongoing funding certainty and a path of certainty to go public while creating value for shareholders by assisting management with strategy and operations. JP Morgan, Goldman Sachs, and PJT Partners are the banking partners working together for this IPO.
SPACs are attractive listing options soaring in popularity of late. In April 2021, the Reliance Entertainment CEO had filed for a $230 million IPO for his SPAC, which was named International Media Acquisition Corp.