Starboard Value Acquisition Corp completes USD360m IPO

Starboard Value Acquisition Corp (SVAC) has closed its initial public offering of 36,000,000 units, which was priced at USD10.00 per unit, and resulted in gross proceeds of USD360 million.

SVAC is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses. The Company’s sponsor, SVAC Sponsor, is an affiliate of Starboard Value LP.

 
While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on industries that align with the background and experience of its Sponsor and Industry Advisors. These industries include the technology, healthcare, consumer, industrials and hospitality & entertainment sectors.
 
UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated and Cowen and Company, LLC acted as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option from the date of the final prospectus to purchase up to an additional 5,400,000 units to cover over-allotments, if any.
 
Registration statements relating to these securities became effective on 9 September, 2020.