MercadoLibre, Kaszek launch SPAC for investing in Latam startups

Reuters2021-09-14

SAO PAULO, Sept 13 (Reuters) - Latin American e-commerce company MercadoLibre Inc and venture capital fund Kaszek on Monday announced the creation of a special-purpose acquisition company (SPAC) to invest in digital businesses in Latin America.

The company, dubbed Meli Kaszek Pioneer, has already applied for registration with the U.S. Securities and Exchange Commission $(SEC.UK)$ for an initial public offering $(IPO.UK)$ of 25 million Class A common shares at $10 each.

In a statement, the two companies said the new company will be listed on the Nasdaq under the ticker "MEKA". BofA Securities Inc, Goldman Sachs Group Inc , Allen & Company LLC and JPMorgan Chase & Co will run the IPO.

"The company intends to raise capital through the IPO for the acquisition of a target company in the Latin American digital ecosystem," said Mercado Livre, as Mercadolibre is known in Brazil, and Kaszek in the statement.

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