In 2019, the real estate developer had intended to enter the national stock exchange, but the pandemic postponed the plans. Now, VIC Properties is preparing its arrival on Wall Street through a SPAC.
Before the pandemic, VIC Properties had announced its intention to enter the Lisbon stock exchange, but the plans changed. The aim now is to float on the New York stock exchange. According to Jornal de Negócios, the national real estate developer is negotiating a merger with BurTech, a Special Purpose Acquisition Company (SPAC), a type of financial vehicle that allows for an easier and cheaper way to enter the stock market.
The newspaper reports that a preliminary agreement has already been signed between the two companies, with VIC having a letter of intent to be listed on the Nasdaq – New York’s technology reference index – through a merger with BurTech.
VIC Properties has a pre-financing valuation of $500 million, representing an enterprise value (including debt) of more than $1.1 billion. The next step is to submit the necessary documentation to the US regulator, which should happen by the end of the first quarter of 2023, and the transaction could be completed in the first half of 2023.