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Goldman Sachs' SPAC GS Acquisition II files for a $700 million IPO

June 11, 2020

GS Acquisition Holdings II, the second blank check company formed by Goldman Sachs, filed on Thursday with the SEC to raise up to $700 million in an initial public offering.

The New York, NY-based company plans to raise $700 million by offering 70 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At $10, GS Acquisition Holdings II would command a market value of $875 million.

The company is led by CEO Tom Knott, who currently serves as the Head of Goldman Sachs' Permanent Capital Strategies Group in the Consumer and Investment Management Division (CIMD), and Chairman Raanan Agus, who serves as Global Co-Head and Co-CIO of Goldman Sachs' Alternative Investments & Manager Selection Group in the CIMD. The company plans to target the diversified industrial, healthcare, technology, media and telecom, and alternative asset management sectors.

Both Knott and Agus held roles within Goldman's joint venture with former Honeywell CEO David Cote, GS Acquisition, which completed its merger with Vertiv (VRT) in February 2020. Vertiv is up 35% from the $10 offer price.

GS Acquisition Holdings II was founded in 2018 and plans to list on the NYSE under the symbol GSAH.U. GS Acquisition Holdings II filed confidentially on April 20, 2020. Goldman Sachs and Citi are the joint bookrunners on the deal.