UK digital bank Atom eying US listing via SPAC merger
Sky News has learnt that a SPAC set up by Wilbur Ross, who was President Trump's commerce secretary between 2017 and 2021, is in detailed talks about a merger with Durham-based Atom Bank.
Banking industry sources said this weekend that the discussions were at an advanced stage, although there was no guarantee that an agreement would be reached, particularly against the backdrop of equity markets haunted by soaring inflation and rising fears of recession.
If completed, however, a deal would make Atom Bank one of the most prominent UK-based companies to be taken public through a SPAC, joining the likes of Cazoo, the digital car-buying platform, and Vertical, the aerospace company founded by Stephen Fitzpatrick, the entrepreneur behind Ovo Energy.
Under the terms of the prospective merger, Atom Bank would agree to merge with Ross Acquisition Corp II, according to a banking industry insider.
Mr Ross and his other founding SPAC shareholders could choose to participate in that PIPE fundraising.
If it does announce a deal with Atom Bank, it would probably take around six months to complete.Read more