EFG Hermes-backed FIM eyes blank-check deal in US

The Dubai-based investment firm could seek about $250 million for the blank-check company. (Shutterstock)

• Discussions are ongoing, and there’s no certainty they will lead to a transaction

RIYADH: FIM Partners, the frontier and emerging markets asset manager backed by EFG Hermes, is considering listing a special purpose acquisition company (SPAC) in the US, Bloomberg reported, citing people familiar with the matter.
The Dubai-based investment firm could seek about $250 million for the blank-check company, the people said, asking not to be identified because the information is private. JPMorgan Chase & Co. is advising on the potential deal, they said.
A blank check company is a publicly-traded business that has no defined business plan which may be used to raise capital as a startup or be merged with another entity.
FIM Partners has not set a timeline for any listing, and it could decide to wait before proceeding with a deal given the turmoil in the SPAC market, the people said.
FIM Partners is led by CEO Hedi Ben Mlouka, a former Merrill Lynch banker who previously ran Duet Group’s frontier markets investing arm.
Discussions are ongoing, and there’s no certainty they will lead to a transaction, the people said, according to Bloomberg.
A representative for FIM Partners didn’t have any immediate comment. A spokesperson for JPMorgan declined to comment.