Horizon Acquisition, a blank check company formed by Eldridge Industries targeting the financial services industry, filed on Monday with the SEC to raise up to $500 million in an initial public offering.
The Greenwich, CT-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The sponsor or one of its affiliates intends to purchase $155 million worth of units in the offering. At the proposed price, Horizon Acquisition would command a market value of $625 million.
The company is led by CEO, CFO, and Chairman Todd Boehly. Boehly is the co-founder and CEO of Eldridge Industries, a holding company with a network of businesses across finance, technology, real estate, and entertainment. Prior to founding Eldridge, he was President of Guggenheim Partners.
The company intends to focus on the financial services industry, with a focus on innovative platforms that support consumer access to financial wellness solutions, next-generation alternative asset management platforms, traditional financial services businesses requiring a capital infusion due to the current environment and insurance and related offerings, including insurance technology, administration, and other solutions.
Horizon Acquisition was founded in 2020 and plans to list on the NYSE under the symbol HZAC.U. Credit Suisse and RBC Capital Markets are the joint bookrunners on the deal.
