Intel chairman to launch blank-check firm for healthtech investments: sources

The exec could file registration documents with the US Securities and Exchange Commissions as soon as today, the people added, as he looks to rake in US$750 million to US$1 billion for the entity. Goldman Sachs is said to be leading preparations for the offering, they shared.

Ishrak, who previously served as chairman and CEO of healthtech firm Medtronic, is set to be chairman of the special purpose acquisition company (SPAC). He will be joined by hedge fund manager Joshua Fink and Medtronic executive Jean Nehme, who will both have senior roles, the sources said.

The development comes as SPACs soar to record numbers last year, raising a total of US$79 billion on American exchanges, Bloomberg data showed. As of January this year, 53 blank-check firms are raising a total of US$15 billion in US listings, with 47 more announcing plans to raise a combined US$11.7 billion this month.

Japanese investment giant SoftBank joined the craze last year, filing for an initial public offering to raise US$525 million in capital for tech investments.