A Special Purpose Acquisition Company (SPAC) led by a serial dealmaker floated on the London Stock Exchange today, having raised $550 million to buy out a private company that wishes to list in London.
Admiral Acquisition Corp is led by Sir Martin Franklin, nephew of DNA pioneer Rosalind Franklin. He has a long history as a corporate raider and was once Wall Street’s youngest CEO. The company sold $550 million worth of shares at $10 each. With no current operations of its own, it will use these funds, plus debt it can raise, to buy a company, allowing the acquired business to list in London.
