Intel chairman announced he is considering $ 1 billion health and technology PSPC IPO

Photographer: Qilai Shen / Bloomberg

Intel Corp. chairman Omar Ishrak is planning to raise funds for a blank check company targeting deals in the health technology sector, according to people with knowledge of the matter.

Ishrak, who previously ran the medical device giant Medtronic Plc, could file public registration documents with the United States Securities and Exchange Commission as early as Tuesday, the people said, asking not to be identified because the information is private. Ishrak aims to raise around $ 750 million to $ 1 billion for the Special Purpose Acquisition Company, or SPAC, they said.

Goldman Sachs Group Inc. is leading preparations for the initial public offering, the people said. Hedge fund manager Joshua Fink, who is the son of Larry Fink of BlackRock Inc. and Jean Nehme, an executive at Medtronic, will hold senior positions at the blank check company, the people said. Ishrak is on the verge of being president, they said.

An Intel representative could not immediately comment on behalf of Ishrak. A Goldman Sachs spokesperson declined to comment.

PSPCs, once an obscure vehicle used by a few companies to go public, hit record levels in 2020, raising around $ 79 billion on U.S. exchanges, according to data compiled by Bloomberg.

That momentum continued through 2021, with 53 blank check companies raising $ 15 billion in registrations so far in January, the data showed. Forty-seven other PSPCs this month announced plans to raise a total of $ 11.7 billion and are awaiting IPOs.

– With help from Ian King