Mubadala Capital's Blue Whale Acquisition Corp I Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Blue Whale Acquisition Corp I announced the pricing of its IPO on August 3, 2021, offering 20 million units at $10.00 each. The units will be traded on Nasdaq under the symbol 'BWCAU' starting August 4, 2021. This SPAC, sponsored by Mubadala Capital, aims to merge with businesses in the media, entertainment, and technology sectors. The offering includes a forward purchase agreement for up to $50 million and a commitment to purchase 2 million units by its sponsor. Goldman Sachs & Co. LLC and BofA Securities are leading the offering.

Positive

• IPO pricing set at $10.00 per unit, generating potential capital of $200 million.
• Strategic backing from Mubadala Capital, a sovereign investor with $243 billion in assets.
• Focus on high-growth sectors: media, entertainment, and technology.

Negative

• Forward purchase agreements and commitments could lead to shareholder dilution.
• -

NEW YORK and ABU DHABI, UAE, Aug. 4, 2021 /PRNewswire/ -- Blue Whale Acquisition Corp I (the "Company") announced today the pricing on August 3, 2021 of its initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market ("Nasdaq") in the United States and trade under the ticker symbol "BWCAU" beginning on August 4, 2021.

The Company is sponsored by Mubadala Capital, the asset management subsidiary of Mubadala Investment Company PJSC ("Mubadala"), a leading global sovereign investor headquartered in Abu Dhabi, with more than $243 billion of assets under management. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the media, entertainment and technology industries. The Company is led by Maxime Franzetti, Head of Public Equities and SPACs at Mubadala Capital, Adib Mattar, Head of Private Equity at Mubadala Capital and Russ Pillar, Founder and Executive Chairman of Reigning Champs, the world's largest NCAA-compliant path-to-college company for student-athletes, and Senior Advisor to Mubadala Capital.

Each unit offered for sale consists of one Class A ordinary share, and one-fourth of one warrant to purchase one Class A ordinary share, for $10.00 per unit. In addition, MIC Capital Partners (Public) Parallel Cayman, LP, the direct parent of the sponsor, has agreed to enter into a forward purchase agreement that will provide for the purchase, at its discretion, of up to $50,000,000 forward purchase units, each consisting of one Class A ordinary share, or a forward purchase share, and one-fourth of one warrant to purchase one Class A ordinary share, or a forward purchase warrant, for $10.00 per unit, in a private placement to close substantially concurrently with the closing of the initial business combination. MIC Capital Partners (Public) Parallel Cayman, LP has also committed to purchase 2,000,000 units of the 20,000,000 public shares sold in this offering at the offering price of $10.00 per unit. When the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols "BWC" and "BWCAW", respectively.

Goldman Sachs & Co. LLC and BofA Securities are acting as book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any.

The initial public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website (http://www.sec.gov); Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282-2198, telephone +1 866 471 2526, facsimile: +1 212 902 9316, or email: prospectus-ny@ny.email.gs.com; and BofA Securities, NC1-004-03-43, 200 North College Street, 3^rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or email: dg.prospectus_requests@bofa.com.

A registration statement relating to the securities sold in the initial public offering has been declared effective by the U.S. Securities and Exchange Commission on August 3, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-looking statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Blue Whale Acquisition Corp I

Blue Whale Acquisition Corp I is a newly organized blank check company formed by an affiliate of Mubadala Capital. Mubadala Capital is the asset management subsidiary of Mubadala, a leading global sovereign investor headquartered in Abu Dhabi. In addition to managing its own balance sheet investments, Mubadala Capital manages c. $9 billion in third-party capital vehicles on behalf of institutional investors in each of its business, including three private equity funds, two early stage venture funds, a public fund and a fund in Brazil focused on special situations. Mubadala Capital is a differentiated and value-added investor that leverages both the Mubadala network and the relationships embedded within the investment team to source proprietary investment opportunities on a global basis. Mubadala Capital invests across a range of asset classes including private equity, public equity and venture capital. Each business employs a fundamentals-driven investment strategy, prioritizing capital preservation and long-term value creation.

Mubadala Capital has a long track record of successfully identifying category leaders suitable for investment, especially in media, entertainment, and premium content and services sectors. Representative transactions the firm has consummated in the recent past include EMI Music Publishing (acquired in 2012 and successfully exited in 2018, making Mubadala Capital one of the few institutional investors to successfully structure, purchase and exit a major music asset in the last decade), Endeavor (acquired in 2014), Reigning Champs (acquired in 2014), Imagine Entertainment (acquired in 2016), YES Network (acquired in 2019) and Looping Group (acquired in 2019). In total, these transactions and others in the media, entertainment and premium content and services sectors represent more than $1 billion of capital deployed.

Media contact:
Salam Kitmitto
sakitmitto@mubadala.ae
+971 50 276 9286

Mubadala Capital
Katie Kuga Wenner
kwenner@mubadalacapital.ae

 

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SOURCE Mubadala Capital

FAQ

What are the details of Blue Whale Acquisition Corp I's IPO?

Blue Whale Acquisition Corp I priced its IPO at $10.00 per unit, offering 20 million units, with a total potential raise of $200 million.

What is the expected impact of Blue Whale Acquisition Corp I on investors?

Investors may benefit from access to potential mergers in high-growth sectors like media and technology.

When will BWCAU start trading on Nasdaq?

BWCAU will begin trading on Nasdaq on August 4, 2021.

Who is sponsoring Blue Whale Acquisition Corp I?

Mubadala Capital sponsors Blue Whale Acquisition Corp I, providing strategic support.

What is the purpose of the forward purchase agreement for BWCAU?

The forward purchase agreement allows for the purchase of additional units, potentially aiding in future transactions.