The «Freedom Acquisition» Spac launched by a former Credit Suisse CEO, is closing in on its first acquisition. After a final vote, the shell company will become a vertically integrated photovoltaic provider.
To hear investment bankers tell it, Spacs are yesterday's news and the environment for company takeovers is fallow. Now, the special purpose acquisition company «Freedom Acquisition» of former Credit Suisse CEO Tidjane Thiam has reeled in a takeover target.
Since last fall, Efforts have been underway to buy US-based «Complete Solaria» and take it public through a Spac merger. An extraordinary general meeting is scheduled for July 11, at which shareholders will decide on the deal.
The transaction can proceed now that the US Securities and Exchange Commission (SEC) approved the registration of the merger.
Solar Energy Provider
Freedom Acquisition is a $250 million spac founded by Thiam, Adam Gishen, and Abhishek Bhatia in February 2021.  California-based Complete Solaria is an integrated solar installation solutions provider of proprietary solar modules.
Upon completion, Solaria's public offering through the Spac merger is expected to raise gross proceeds of $376 million.
Complete Solaria expects to generate $200 million in revenue this year, according to an investor presentation. The company is led by Will Anderson, Complete Solar's co-founder and chairman.
Cancellations Galore
Last November, solar panel producer Solaria and installation and service specialist Complete Solar agreed to merge to form Complete Solaria.
At least 37 spac mergers have been shelved this year. Deals from investors such as Todd Boehly, co-owner of Chelsea soccer club, are among those that have not made it to market. Bill Ackman was unable to find a suitable takeover target and closed his Spac chapter last year.
	 
	 
	 		<div>
			<div>
	<div>
										
				<div></div>
	</div>
</div>
		</div>

FRHC

The «Freedom Acquisition» Spac launched by a former Credit Suisse CEO, is closing in on its first acquisition. After a final vote, the shell company will become a vertically integrated photovoltaic provider. To hear investment bankers tell it, Spacs are yesterday's news and the environment for company takeovers is fallow. Now, the special purpose acquisition company «Freedom Acquisition» of former Credit Suisse CEO Tidjane Thiam has reeled in a takeover target.

Tidjane Thiam's Spac is Nearing the Finish Line