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Billionaire Bill Ackman Hires Minority-Owned Investment Banks To Co-Lead $4 Billion Deal

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Billionaire Bill Ackman has hired mostly Black and minority-owned investment banks to handle what could be one of the biggest deals in 2020. The offering is aimed at setting a new bar of inclusiveness on Wall Street

His Pershing Square Tontine Holdings will be a New York Stock Exchange-listed special purpose acquisition corporation that will sell what’s expected to be $3 billion in equity to invest. That financing, combined with a $1 billion commitment from Pershing Square, means that the vehicle is expected to have at least $4 billion of buying power to make a major minority investment in a company, or buy one outright.

Chicago-based Loop Capital, another underwriter on Ackman’s deal, was co-founded by Black businessman James Reynolds Jr. in 1997 and is one of the largest minority-owned investment banks in America. Like CastleOak, Loop Capital is a full service investment bank with operations spanning equity underwriting, sales and trading, merger advisory, public finance and tax-exempt fixed income trading.

Veteran-owned investment banks on the deal include Academy Securities, founded by Chance Mims in 2009. Mims, a naval officer onboard the USS Sentry MCM-3 and the USS John Paul Jones DDG-53 guided missile destroyer enforcing UN sanctions against Iraq and took part in the initial strikes into Afghanistan during Operation Enduring Freedom. He is a graduate of the US Naval Academy and and the Kelley School of Business at Indiana University.

 

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remindmetweets in 10 hours

Sounds like meaningless hype to me. Ackman is the modern day version of PT BARNUM. Why is he seeking so much unwarranted publicity? Is Pershing Sq in trouble again

This is what we need, hopefully it’s not just a one and done thing.

Do black banks have money without slave owners pictures on it.

CityOfNOLA So hes a racsist for singling out blacks over whites to do biz with? Segregation coming back with a vengence babay!

Bravo👍

Bravo BillAckman. Making a difference.

Finally, change.

By minority which one exactly cause it sounds dubious to me

Using them once does not make him 'inclusive' Right now, he's just pandering. Let's see how many opportunities he gives moving forward, then this act will mean something.

Hii I have a surprise for me cuz today been special Check link below 👇🏻👇🏻🔥🔥🔥🔥 retweet!!!

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Bill Ackman: here's what we look for in new hires at Pershing Square - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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