'Spaek' Craze Among US Stars... NBA Star Durant Also Invests
[Asia Economy Reporter Kwon Jae-hee] Amid a recent boom in Special Purpose Acquisition Company (SPAC) investments among famous figures in the U.S. entertainment and sports industries, NBA superstar Kevin Durant has reportedly invested $200 million (approximately 236.4 billion KRW) in a SPAC.
According to the Wall Street Journal (WSJ) on the 3rd (local time), Durant's SPAC, 'Infinite Acquisition (IAC),' has filed for listing on the New York Stock Exchange.
Documents submitted to the U.S. Securities and Exchange Commission reveal that Durant and his manager Rich Kleiman will serve as co-CEOs of the company.
They contributed 50% of IAC's shares through Thirty Five Ventures, a venture capital firm they established in 2016. The remaining half was invested by the U.S. investment bank LionTree.
IAC plans to offer 20 million shares at $10 per share and stated that if a merger is not completed within 24 months, the investment funds will be returned.
A SPAC is a nominal corporation established by M&A experts or financial firms for the purpose of acquiring other companies.
It raises M&A funds through an initial public offering (IPO), gets listed, and within a certain period merges with unlisted companies to secure investment returns.
This process offers unlisted companies the advantage of reducing the listing procedures compared to a formal IPO.
Last year, amid increased market volatility due to COVID-19, the number of companies seeking rapid listings grew, sparking a SPAC craze.
As a result, the SPAC investment boom has spread in the U.S. stock market, drawing attention as legendary NBA star Shaquille O'Neal, former MLB player Alex Rodriguez, tennis star Serena Williams, singer Ciara, Jay-Z, and other entertainment and sports stars have directly created or participated in SPACs.
Durant, who has joined the ranks of SPAC investors with the launch of IAC, is known to have earned about $300 million (approximately 353.3 billion KRW) during his NBA career.
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Durant, who won the NBA MVP in 2014, currently plays for the Brooklyn Nets. He has won two NBA championships and secured the scoring title four times.
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