Altimeter Growth Corp. 2, the second blank check company formed by Altimeter Capital targeting the tech sector, raised $400 million by offering 40 million shares at $10. Unlike an ordinary SPAC, the company did not offer units with warrants attached. The company originally planned to offer 20 million shares before increasing the offering to 35 million shares in December. It may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of Altimeter.
Altimeter Growth Corp. 2 is led by CEO and Chairman Brad Gerstner, the founder and CEO of Altimeter Capital. He is joined by General Counsel Hab Siam, who currently serves as General Counsel and CCO of Altimeter. The company plans to target a business in a secular-growth area of the tech sector, focusing on those that will compound growth over the long-term for exponential value creation.
Altimeter's previous SPAC, Altimeter Growth Corp. (AGCUU), went public in September 2020 and last closed up 37% from the $10 offer price.
Altimeter Growth Corp. 2 plans to list on the NYSE under the symbol AGCB. Citi, Goldman Sachs and Morgan Stanley acted as lead managers on the deal.
