Li Ka-shing is planning to raise funds for dealmaking by listing a special purpose acquisition company in the U.S., people with knowledge of the matter said, Bloomberg reports.
A company backed by Li’s family is working with advisers on the potential SPAC initial public offering, according to the people, who asked not to be identified because the information is private. They are considering seeking around US$400 million, though the exact terms haven’t been finalized, the people said.
The blank-check company could file registration documents with the U.S. Securities and Exchange Commission this week, the people said.
Li's family controls CK Hutchison Holdings, a US$29 billion conglomerate that owns one of the world’s biggest port operators and has telecommunications, retail and infrastructure operations across Asia and Europe. They also run CK Asset Holdings, which is one of Hong Kong’s largest developers and also has investments in hotels, utilities and aircraft leasing. Both companies are now led by Li’s elder son, Victor.
Li’s younger son, Richard, has already raised about US$900 million via two U.S.-listed SPACs with tech mogul Peter Thiel. Richard is considering setting up a third blank-check company, Bloomberg News reported last week.
Fnal decisions have not been made, and details of the transaction could change, the people said. Representatives for Li didn’t immediately respond to emailed queries.
