TB SA Acquisition, a blank check company formed by TowerBrook targeting African companies that promote ESG principles, raised $200 million by offering 20 million units at $10. The company offered 5 million fewer units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol TBSAU. Deutsche Bank acted as a lead manager on the deal.
