Equity Distribution Acquisition, a blank check company formed by Sam Zell's Equity Group Investments to acquire an industrials business, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share and one-third of a warrant, exercisable at $11.50.
The company is led by Chairman Sam Zell, the founder and Chairman of Equity Group Investments; CEO and Director Bill Galvin, the former CEO of Anixter; and CFO Philip Tinkler, the CFO of Equity Group Investments. The company plans to target a business in North America in the industrial sector with an enterprise valuation between $1 billion to $1.5 billion.
Equity Distribution Acquisition plans to list on the NYSE under the symbol EQD.U. Credit Suisse acted as a lead manager on the deal.
