InterPrivate IV InfraTech Partners, the fourth blank check company backed by InterPrivate targeting technology, media, and telecom, raised $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by Chairman Ahmed Fattouh, who founded private equity firm InterPrivate and has served as CEO since its 2017 inception. He is joined by CEO and Director Kevin Timmons, who recently joined InterPrivate as a Partner and previously served as CTO of CyrusOne. InterPrivate's previous SPAC, InterPrivate Acquisition (IPV; +36% from $10 offer price), went public in February 2020 and has a pending merger agreement with lidar firm Aeva.
InterPrivate IV InfraTech Partners intends to concentrate on identifying high growth businesses in the technology, media and telecom (TMT) infrastructure space that can benefit from the investment capability and industry expertise of the management team. Other factors include focusing on target companies with an enterprise value of $1 billion or more.
InterPrivate IV InfraTech Partners plans to list on the Nasdaq under the symbol IPVIU. Morgan Stanley and Wells Fargo Securities acted as lead managers on the deal.
