July 22, 2020
Cadwalader is advising Pershing Square Tontine Holdings, Ltd. (“PSTH”), a Delaware incorporated newly organized special purpose acquisition company (SPAC), on its initial public offering of 200,000,000 units at a price of $20.00 per unit – the largest-ever IPO by a SPAC. PSTH will be one of the largest sources of cash equity capital for a private, single-company, minority investment in the world, with a minimum of $5 billion of cash equity capital when PSTH’s IPO proceeds are combined with the Pershing Square Funds’ forward purchase agreement.
PSTH is sponsored by Pershing Square TH Sponsor, LLC, which is wholly owned by three investment funds: Pershing Square Holdings, Ltd., Pershing Square, L.P., and Pershing Square International, Ltd, which are managed by Pershing Square Capital Management, L.P. (“PSCM”). PSCM is a registered investment advisor with more than $10 billion of assets under management.
The Cadwalader team is led by Corporate partner Stephen Fraidin and includes Corporate partner Gregory Patti and associates Niral Shah and Erica Hogan; and Tax associate Matthew Seitz.