THE WHAT? The US owner of W and Bustle, Bustle Digital Group is rumored to be in talks with ‘blank-check acquisition companies’, according to a report published by Reuters.
THE DETAILS The media firm is said to be seeking a valuation of US$600 million and has drafted in Farvahar Partners to help strike a deal. If the deal goes ahead, the cash would be raised via an IPO through a special purpose acquisition company (SPAC), taking Bustle public.
THE WHY? SPAC is a popular alternative for companies looking to float, subjecting them to less scrutiny and therefore improving their chances of achieving their target valuation, according to Reuters. Bustle is, says Reuters, hoping to use the funds raised to buy up further titles.