Bill Foley's SPAC Austerlitz Acquisition I prices upsized $600 million IPO

Austerlitz Acquisition I, the fifth blank check company formed by financial services veteran Bill Foley, raised $600 million by offering 60 million units at $10. The company offered 10 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with Cannae Holdings (NYSE: CNNE).

The company is led by Founder and Director Bill Foley, who is currently the Chairman of Fidelity National Financial (NYSE: FNF), Black Knight (NYSE: BKI), and Cannae Holdings, and is a Senior Managing Director of Trasimene Capital Management. CEO and Director Richard Massey currently serves as the CEO of Cannae Holdings and a Senior Managing Director of Trasimene Capital Management.

Foley's other SPACs include Austerlitz Acquisition II (ASZ.U), which raised $1.2 billion concurrently with Austerlitz Acquisition I; Foley Trasimene Acquisition II (BFT; +53% from $10 offer price), which went public in August 2020 and has a pending merger agreement with payments provider Paysafe; Trebia Acquisition (TREBU; +17%), which went public in June 2020; Foley Trasimene Acquisition (WPF; +4%), which went public in May 2020 and has a pending merger agreement with benefits services provider Alight; and CF Corporation, which went public in 2016 and acquired Fidelity & Guaranty Life in 2017 to form FGL Holdings. FGL Holdings was acquired by Fidelity National Financial in June 2020 for $12.50 per share, valuing it at $2.7 billion.

Austerlitz Acquisition I plans to list on the NYSE under the symbol AUS.U. Credit Suisse, J.P. Morgan and BofA Securities acted as lead managers on the deal.