SoftBank Group Corp’s Vision Fund is preparing to launch a blank cheque acquisition company and will outline plans in the next two weeks, a source familiar with the matter said, confirming comments by the fund’s head Rajeev Misra. SoftBank is looking to attract outside investment and may put its own capital in the vehicle whose size is undetermined, the person said, declining to be identified as the information is not public.

SoftBank declined to comment.

The launch would see SoftBank joining the fashion for special purpose acquisition companies (SPAC) – shell vehicles that raise money in an initial public offering (IPO) before merging with a private company. Such vehicles are being used to take a record number of companies public, bypassing the traditional IPO.

SoftBank is flush with cash as Chief Executive Masayoshi Son sells down core assets, leading to speculation over his future investment plans. The group has been using its cash reserves to take positions in publicly traded US tech firms.

First Published:Oct 13, 2020 7:56 AM IST