SoftBank Vision Fund making ready clean cheque acquisition firm – source- Sourced

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By Sam Nussey

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TOKYO (Reuters) – SoftBank Group Corp’s Vision Fund is making ready to launch a clean cheque acquisition firm and can define plans within the subsequent two weeks, a supply conversant in the matter mentioned, confirming feedback by the fund’s head Rajeev Misra.

SoftBank is seeking to entice exterior funding and should put its personal capital within the car whose measurement is undetermined, the individual mentioned, declining to be recognized as the knowledge will not be public.

SoftBank declined to remark.

The launch would see SoftBank becoming a member of the style for particular function acquisition corporations (SPAC) – shell autos that elevate cash in an preliminary public providing (IPO) before merging with a non-public firm.

Such autos are getting used to take a record count of corporations public, bypassing the normal IPO.

SoftBank is flush with money as Chief Executive Masayoshi Son sells down core property, resulting in hypothesis over his future funding plans.

The group has been utilizing its money reserves to take positions in publicly traded U.S. tech companies.

(Reporting by Sam Nussey; Editing by Chang-Ran Kim and Stephen Coates)

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