SPAC King Bill Foley Terminates 2 SPACs, To Return $2.1 Billion to Investors Due to Poor Performance of SPACs & Traditional IPO Climate
6th October 2022 | Hong Kong
SPAC king Bill Foley is looking to terminate 2 SPACs (Austerlitz Acquisition Corporation I & II) before the end of 2022 as he looks to return $2.1 billion to investors due to poor performance of SPACs & traditional IPO climate. Austerlitz Acquisition Corporation I raised $690 million and fund II raised $1.38 billion for a total of $2.1 billion in 2021. The deadline for the SPAC merger is in March 2023. Bill Foley is an American billionaire with a personal fortune of more than $1.2 billion. (SPAC ~ Special Purpose Acquisition Company, also known as “blank cheque company”)
“ SPAC King Bill Foley Terminates 2 SPACs, To Return $2.1 Billion to Investors Due to Poor Performance of SPACs & Traditional IPO Climate “
Bill Foley, American Billionaire with $1.2 billion fortune
Bill Foley has over 32 years of experience in industry consolidation and delivering stockholder value, with a principal background in the financial, technology, insurance and services sectors. As a pre-eminent operator, Mr. Foley has led six separate multi-billion dollar public market platforms with hundreds of acquisitions, including FNF, Fidelity National Information Services, Inc. (“FIS”) (NYSE: FIS), Black Knight, Ceridian, FGL Holdings and Cannae Holdings. As founder, former Chief Executive Officer, and now Chairman of FNF, Mr. Foley, has built the largest title insurance company in the United States, growing equity value from $3.0 million to over $13.0 billion at its peak. Additionally, Mr. Foley has created over $140.0 billion in market capitalization of companies since founding FNF. In addition to his operational expertise, Mr. Foley has a long track-record as a prudent investor and has realized significant gains on many large investments. Mr. Foley can offer management teams and companies mature, respected and steady leadership. Mr. Foley and his team will identify companies with strong reliable cash flow in a range of market conditions. We believe attractive returns can be earned in the current market environment by taking limited calculated short term volatility risks in exchange for a higher probability of outsized long term returns. We believe Mr. Foley’s calm hand will help a potential target company better navigate today’s uncertain economic environment.
Foley Family Wines
Bill Foley launched FFW (Foley Family Wines) in 1996 when he and his wife Carol purchased 1,000 acres in the Sta. Rita Hills region of Santa Barbara County—still relatively unknown at the time—and founded Lincourt Vineyards.
Established by Bill Foley in 1996, Foley Family Wines is a portfolio of highly acclaimed wines from some of the world’s greatest vineyards. The company owns more than two dozen wineries across the globe, each with its own distinct wine style, legacy, and approach to hospitality. In addition, the Foley Food & Wine Society offers members a luxury lifestyle community that celebrates culinary experiences, entertainment, and travel in the United States, New Zealand, France, and Argentina.