Fortress Value Acquisition II slumps after SPAC deal with ATI Physical Therapy

Cyxtera Technologies

22/02/2021 14:21

** Shares of special purpose acquisition co (SPAC) Fortress
Value Acquisition Corp II  FAII.N  down 13.2% at $10.50
premarket after M&A news
    ** FAII on course for biggest one-day pct drop since Aug
debut
    ** ATI Physical Therapy, backed by PE firm Advent
International, to go public through merger with FAII in $2.5 bln
deal, including debt  urn:newsml:reuters.com:*:nL4N2KS310
    ** Deal expected to provide ATI up to $645 mln in cash,
including $300 mln PIPE (private investment in public equity) by
institutional investors including Wells Capital Management,
Weiss Asset Management and Monashee Investment Management
    ** Fortress Investment Group, FAII's sponsor, merged with
SoftBank Group  9984.T  in 2017 and operates within the Japanese
conglomerate as an independent business
    ** Blank-check firms, or SPACs, are shell companies that
raise funds through an IPO to take private cos public
    ** In contrast, shares of Starboard Value Acquisition
 SVAC.O  surge before the bell Mon after it inks $3.4 bln merger
deal with data-center operator Cyxtera Technologies Inc
 urn:newsml:reuters.com:*:nL4N2KS30X

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))