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Billionaire Moelis funds new SPAC with eye on gaming sector

| By Daniel O'Boyle
Investment banking billionaire Ken Moelis has founded a new special purpose acquisition company (SPAC), Atlas Crest Investment II, which will seek to merge with a business in a range of sectors including sports betting.
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Atlas Crest filed a prospectus revealing plans to raise $250m in an initial public offering (IPO), with 25m units – consisting of a share and one third of an exercisable warrant – valued at $10 each.

 It will then attempt to acquire a business in “high growth sectors including media, online gaming/sports betting, fintech/payments, healthcare, business services and disruptive consumer, food and beverage”, allowing that business to trade on the New York Stock Exchange.

“We believe that the experience and capabilities of our management team will make us an attractive partner to potential target businesses, enhance our ability to complete a successful initial business combination and enhance the value of the business post-business combination,” the SPAC’s SEC filing said.

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