Star Peak Energy Transition, a blank check company formed by Magnetar Capital targeting the energy industry, raised $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO Eric Scheyer, a Partner at Magnetar Capital and Head of the Magnetar Energy & Infrastructure Group, and Chairman Michael Morgan, the co-founder and CEO of asset management firm Triangle Peak Partners. The company plans to target businesses seeking to be a market leader in and/or benefit from the increasing global initiatives to improve the efficiency of our energy ecosystems and reduce emissions, which it refers to as the "Energy Transition."
Star Peak Energy Transition plans to list on the NYSE under the symbol STPK.U. Credit Suisse and Goldman Sachs acted as lead managers on the deal.
