Power Corporation, via its alternative investments arm, Sagard Holdings, is launching a Special Purpose Acquisition Company to drive its news move towards fintech acquisitions.
Sagard Holdings, which also manages Portage Ventures, is set to list Portage Fintech Acquisition on the Nasdaq. The firm also intends to raise US$200m via an initial public offering.
The executive team leading this newly-formed SPAC includes Portage Ventures CEO Adam Felesky and Ajay Chowdhery, a partner at Sagard Holdings. Also on its board, are Senior VP of Power Corporation, Paul Desmarais III, and some other execs from the parent company.
“While we may pursue an acquisition opportunity in any business, industry, sector or geographical location, we intend to focus on industries that complement our team’s background and capitalize on our ability to source and acquire a business in the financial technology (“FinTech”) or financial services ecosystem,” the company stated in its prospectus filing.
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