Ackman’s SPARC is seeking new deals with private companies By Reuters

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<span>© Reuters. FILE PHOTO: Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian/File Photo</span><br />
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<p>(Reuters) – Pershing Square SPARC Holdings Ltd, said that it will pursue business combinations with privately-held companies after receiving regulatory approval from U.S regulators for distributing special purpose acquisition rights.</p>
<p>The SPARC, an affiliate of billionaire investor Bill Ackman’s Pershing Square Tontine Holdings Ltd, is targeting companies that seek to raise a minimum of $1.5 billion of capital, it said in a regulatory filing on Friday. </p>
<p>Ackman’s SPARC is a variation of a special purpose acquisition company (SPAC), the market for which has cooled since its peak in 2021 as investors nursed losses on many deals.</p>
<p>Ackman, in an interview with the Wall Street Journal on Sunday, said that he would consider a transaction with Elon Musk’s X, formerly known as Twitter. Ackman added that he has no idea if X is interested and would still need to determine whether or not a deal is doable. </p>
<p>Elon Musk in March reportedly offered X social-media company’s employees stock grants at a valuation of about $20 billion, less than half the price he paid to acquire the platform, pointing to a drop in Twitter’s value, which could make a deal with SPARC unlikely. </p>
<p>X did not immediately respond to a Reuters request for comment. </p>
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