BlueRiver Acquisition, a blank check company target the TMT and entertainment industries, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The San Antonio, TX-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, BlueRiver Acquisition would command a market value of $320 million.
The company is led by Co-CEO and Co-Chairman John Gregg, founder of Bluewater Ventures and former Head of Corporate Development and CFO of NTL (now Virgin Media), and Co-CEO, Co-Chairman, and CFO Randall Mays, founder and CEO of Running M Capital and Co-Managing Partner of Mays Family Enterprises, as well as former Vice Chairman of Clear Channel Communications (now iHeartCommunications). The company plans to target the technology, media, and telecom (TMT) and entertainment industries, focusing on businesses with enterprise values between $1 billion and $3 billion.
BlueRiver Acquisition was founded in 2020 and plans to list on the NYSE, but has not selected a symbol yet (RC ticker: BRAQ.RC). The company filed confidentially on November 6, 2020. Goldman Sachs is the sole bookrunner on the deal.
