In SPAC news this week, three special purpose acquisition companies are reportedly in talks to bring security services company Allied Universal public in a deal worth about $20 billion.

Allied Universal 

Three special purpose acquisition companies -- Warburg Pincus Capital Corporation I-A (WPCA) and Warburg Pincus Capital Corporation I-B (WPCB), which are both backed by Warburg Pincus, and a SPAC affiliate of JAWS Estates Capital, Barry Sternlicht's family office -- are in talks to take Allied Universal public in a deal worth about $20 billion, Gillian Tan, Michelle Davis, and Crystal Tse of Bloomberg reported, citing people familiar with the matter.

The SPACs are discussing raising a private investment in public equity, or PIPE, to support the transaction, sources told Bloomberg. Deal negotiations have been ongoing for months and an agreement hasn't been finalized, Bloomberg added. Allied Universal is a security and facility services company.

Circle Internet Financial Amends SPAC Deal 

Cryptocurrency operator Circle Internet Financial said on Thursday that it was valued at $9 billion under new deal terms with Concord Acquisition (CND), a blank-check company backed by former Barclays boss Bob Diamond. According to a regulatory filing, the company terminated an earlier merger agreement with Concord, which had valued Circle at $4.5 billion, and amended the deal terms.

The filing reads:

"On February 16, 2022, immediately following the termination of the Business Combination Agreement, as described in Item 1.02 of this Current Report on Form 8-K, Concord Acquisition Corp, a Delaware corporation, Circle Internet Financial Limited, a private company limited by shares incorporated in Ireland, Circle Internet Finance Public Limited Company, a public company limited by shares incorporated in Ireland, and Topco Merger Sub, Inc., a Delaware corporation, entered into a Transaction Agreement, pursuant to which Topco agreed to combine with Concord in a business combination that will result in each of the Company and Concord becoming a wholly-owned subsidiary of Topco."

Analyst Coverage Initiations

Benchmark analyst Fawne Jiang initiated coverage of Bridgetown 2 Holdings (BTNB), a special purpose acquisition company that is in the process of acquiring PropertyGuru, with a Buy rating and $17 price target.

Her positive view is based on her belief that Southeast Asia offers sizable and fast-growing end markets for online real estate services, and PropertyGuru is poised for a multi-year profitable growth trajectory as "a dominating market leader across the region," Jiang told investors.

PropertyGuru and Bridgetown 2 Holdings have previously said the combined company is expected to begin trading on the New York Stock Exchange and that their transaction was expected to close in the fourth quarter of 2021 or first quarter of 2022.

SPAC IPOs This Week

• PowerUp Acquisition (PWUP) opened on Feb. 18 at $10.02. PowerUp seeks to identify and acquire a business within the interactive media, digital media, sports, entertainment, and/or leisure sector, with a particular focus on video gaming, gaming adjacent, and new metaverse video gaming businesses.
• FutureTech II Acquisition (FTII) opened on Feb. 16 at $10.01. The company intends to focus on opportunities to acquire U.S. companies in the "disruptive technology sector, for example, artificial intelligence, robotics, and any other technology innovations," it said.
• A SPAC I Acquisition (ASCA) opened on Feb. 16 at $10.03.
• Genesis Unicorn Capital (GENQ) opened on Feb. 15 at $10. The company intends to focus its search on the intersection of the healthcare and technology industries, specifically within the biotechnology and pharmaceutical sectors.