Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Exclusive: Fusion SPAC aims to beat London rush with new blank-check firm - sources

Stock MarketsJun 16, 2021 07:15PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo

By Pamela Barbaglia and Abhinav Ramnarayan

LONDON (Reuters) - Fusion Acquisition Chief Executive John James is in talks to launch a new blank-check company which could soon file for a London listing with the aim of becoming the first to take advantage of a new British SPAC regime, sources told Reuters.

James, who runs two existing SPACs (special purpose acquisition companies) - Fusion Acquisition Corp and Fusion Acquisition Corp II - is working with JPMorgan (NYSE:JPM) on a third Fusion investment platform, the sources said.

The plan, backed by Fusion Chairman Jim Ross who spent more than two decades focused on exchange traded funds, is the latest by a SPAC entrepreneur who has turned serial investor during the blank-check company boom of 2020 and 2021.

Investors have poured more than $300 billion into listing these shell companies before they identify and acquire a business, effectively writing the backers a blank-check.

JPMorgan declined to comment. Fusion, James and Ross were not immediately available for comment.

Fusion's choice of London comes as post-Brexit Britain scrambles to make the capital more competitive in one of the hottest areas in finance, with new rules expected to come in by "early summer," according to the Financial Conduct Authority.

Bankers say around 30 potential SPAC sponsors, who are generally well-known, deep pocketed institutions or individuals, are in discussions with regulators in London and across Europe over their plans to go public as the U.S. market faces a decline in demand.

One of the sources said James wanted his latest Fusion vehicle to gain attention by being the first blank-check company to list under a new SPAC regime in London, which avoids locking investors in for an uncertain period of time.

The upcoming changes are meant to help Britain better compete with other European hubs including Amsterdam which has so far won the lion's share of SPAC listings in Europe.

James, who is also the co-founder and chairman of Singapore-based fintech firm BetaSmartz, is looking to raise about $300 million for a new vehicle which will target a wide range of financial companies including asset managers and insurers with disruptive technologies, the sources said.

The first Fusion platform, set up in 2020, merged with digital finance firm MoneyLion in February just before the SPAC boom in the United States cooled after new SEC requirements to scrutinise warrants, which are often issued by SPACs.

Fusion Acquisition II raised $435 million on Feb. 26.

Exclusive: Fusion SPAC aims to beat London rush with new blank-check firm - sources

Related Articles

Former Virgin Galactic CEO to fly to space - CNBC
Former Virgin Galactic CEO to fly to space - CNBC By Reuters - Jul 23, 2021 1

(Reuters) - Former chief executive officer of Virgin Galactic Holdings (NYSE:SPCE), George Whitesides, will fly to space on the aerospace company's next test spaceflight, CNBC...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email