TB SA Acquisition, a blank check company formed by TowerBrook targeting African companies that promote ESG principles, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Cayman Islands-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, TB SA Acquisition would command a market value of $313 million.
The company is led by CEO and Director Andrew Rolfe, who currently serves as Vice-Chair of TowerBrook and previously was a Managing Director at the firm, and Chairman Gareth Penny, who currently serves on the Senior Advisory Board of TowerBrook and previously served as Group CEO of De Beers. TB SA Acquisition plans to focus on African companies that promote environmental, social, and governance (ESG) principles.
TB SA Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TBSAU. Deutsche Bank is the sole bookrunner on the deal.
