CQ Roll Call Owner FiscalNote in Talks to List Through $1.3 Billion SPAC Deal

, Wall Street Journal

FiscalNote Holdings Inc., a Washington, D.C.-based provider of services used to track government policy, is in talks to go public through a merger with a special-purpose acquisition company at a valuation of $1.3 billion, according to people familiar with the matter.

The company, owner of Washington political publication CQ Roll Call, plans to merge with Duddell Street Acquisition Corp. (DSAC), the people said. Nasdaq listed, the SPAC is backed by Hong Kong-based hedge fund Maso Capital.

Companies and lawmakers use FiscalNote’s software tools and information to navigate changes in legislation and government regulation in the U.S., European Union and other jurisdictions. Customers include the U.S. Securities and Exchange Commission, Southwest Airlines Co. , Nestlé SA and Tesla Inc.

FiscalNote’s backers include Mark Cuban, Jerry Yang and S&P Global Inc. They will remain shareholders as part of the merger plan, the people said.

FiscalNote and Duddell could announce the deal as soon as Monday, the people said.

Co-founded in 2013 by Chief Executive Tim Hwang, FiscalNote is raising a separate $100 million private investment in public equity, or PIPE, from investors as part of the merger plan, the people said. Those include Maso and others.

FiscalNote will get a total of $275 million from the Duddell merger. The company, whose competitors include the much larger Bloomberg LP and the London Stock Exchange Group PLC’s Refinitiv, plans to use the new sources of money for product development and to help fund acquisitions.

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