Hey Folks, Happy New Year!
In today’s dish, A polarizing investor looks to take home a big payday in a SPAC deal which has already seen plenty of controversies. Also, Space SPACs look to make a comeback after a horrendous year and two SPACs look to close out deals that were announced last year. Read on to find the latest about all things SPACs.
Icelandic Billionaire Behind Failed Bank Lines Up for Big Payday in Better Deal
Thor Bjorgolfsson, who reportedly made a fortune in the collapse of Iceland Bank Landsbanki, is expected to net $70 million when Better.com closes its merger with Aurora Acquisition Corp.Â
The SPAC is sponsored by Bjorgolfsson’s private equity firm Novator, with the deal first being announced in May, before it was delayed last month after criticism against CEO Vishal Garg.
Aurora stated in a filing last week that it was confident of completing the deal (where the combined company now has a revised valuation of $7.7 billion) after Garg took a break to reflect and refocus after the debacle. Bjorgolfsson is facing legal action for his alleged role in Landsbanki’s collapse, with claimants seeking close to $325 million in damages. The trial is likely to take place in spring and Mr. Bjorgolfsson denies wrongdoing.