Altimar Acquisition III, the third blank check company formed by HPS Investment Partners, raised $135 million by offering 13.5 million units at $10. The company offered 1 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 is led by CEO and Chairman Tom Wasserman and CFO Wendy Lai, both of whom currently serve as Managing Directors at HPS Investment Partners. While it has not selected a target industry, the company plans to focus on two characteristics as a common theme: a strong organic growth plan coupled with a compelling business model that is materially cash generative at maturity.
HPS Investment Partners' other SPACs include Altimar Acquisition II (ATMRU), which raised $300 million in February, and Altimar Acquisition (ATAC; +1% from $10 offer price), which went public in October 2020 and has a pending merger agreement with Dyal Capital and Owl Rock Capital to form alternative asset manager Blue Owl at $12.5 billion market cap. HPS also co-founded and co-sponsored Trine Acquisition, which went public in March 2019 and completed its merger with Desktop Metal (DM; +81%) in December 2020.
Altimar Acquisition III plans to list on the NYSE under the symbol ATAQU. Goldman Sachs and J.P. Morgan acted as lead managers on the deal.
