Chamath Palihapitiya's SPAC IPOF falls on report of potential Equinox gym deal

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  • Chamath Palihapitiya's Social Capital Hedosophia Holdings Corp. VI (NYSE:IPOF) SPAC dropped 1.5% on reports that its in talks to take gym owner Equinox Holdings public.
  • A transaction could value the combined company at more than $7.5B, according to a Bloomberg report. The talks between the SPAC and Equinox, which also operates SoulClycle (SOULC) and Blink Fitness, aren't finalized and could still fall apart.
  • Sportico reported in late March that SoulCycle and Equinox  were reportedly in talks to go public through a SPAC. Equinox was reportedly having meetings with as many as 12 blank-check operators and is considering a listing that would give the company a valuation of $9b or more.
  • Equinox, which is partly owned by Steve Ross, the chief of Related Cos., is looking for a valuation of 22x projected 2023 Ebitda of $320M, according to CNBC's David Faber. The companies are looking for a potential $2B PIPE.
  • Several other SPAC sponsors have passed on a deal for Equinox, according to Faber.


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