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Tech services SPAC Global Synergy Acquisition prices $225 million IPO at $10

January 8, 2021

Global Synergy Acquisition, a blank check company targeting technology services, raised $225 million by offering 22.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by Co-CEOs Alok Oberoi and Suresh Vaswani, who serve as Executive Chairman and Senior Director, respectively, at the Everstone Group. They are joined by Chairman Hank Uberoi, who has been a Partner at Primavera Investments since 2019, and CFO and COO Murtaza Moochhala, who founded MSZ Capital in 2018 and serves as Managing Partner. The management team plans to acquire a business that can benefit from its operational and investing expertise in sectors such as IT Services and Business Process Outsourcing, or BPO, collectively defined as Technology Services or IT Enabled Services ("ITES").

Global Synergy Acquisition plans to list on the Nasdaq under the symbol GSAQU. Credit Suisse and J.P. Morgan acted as lead managers on the deal.