SoftBank Group’s Vision Fund is preparing to launch a blank cheque acquisition company and will outline plans in the next two weeks, a source familiar with the matter said, confirming comments by the fund’s head Rajeev Misra.
SoftBank is looking to attract outside investment and may put its own capital in the vehicle whose size is undetermined, the person said, declining to be identified as the information is not public. SoftBank declined to comment.
The launch would see SoftBank joining the fashion for special purpose acquisition companies (SPAC) – shell vehicles that raise money in an initial public offering (IPO) before merging with a private company.
Such vehicles are being used to take a record number of companies public, bypassing the traditional IPO.
SoftBank has been biding its time since efforts to raise capital for a successor to its $100 billion Vision Fund ran aground following poor performance at the fund.
It has been investing on a smaller scale with its own money via a second fund.
The group is flush with cash as Chief Executive Masayoshi Son sells down core assets, leading to speculation over his future investment plans.
SoftBank has used its mounting cash reserves to take positions in listed U.S. tech firms and has a growing number of portfolio companies going public after the IPO window reopened.
SoftBank’s shares rose 1.7% in early Tokyo trading, with shares up more than 170% since March lows.
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