Lakeview Acquisition, a blank check company formed by Transverse Insurance Group targeting the US insurance sector, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Princeton, NJ-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. Atalaya Capital Management intends to purchase 9.9% of units in the offering. At the proposed deal size, Lakeview Acquisition would command a market value of $313 million.
The company is led by CEO and Chairman Jeffrey Hayman, who most recently served as a Director of Zurich Insurance Group (SIX: ZURN) and previously spent 15 years with AIG (NYSE: AIG), and CFO George Perrotta, who previously consulted for Transverse Insurance Group and is the former CFO of Liberty Surplus Insurance and Liberty International Underwriters.
Lakeview Acquisition was founded in 2021 and plans to list on the NYSE under the symbol LKVA.U. BofA Securities is the sole bookrunner on the deal.
