Intel chairman raises $750 million for SPAC backed by Medtronic to acquire health-tech company

Intel chairman raises $750 million for SPAC backed by Medtronic to acquire health-tech company

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A new SPAC launched by Intel's Chairman Omar Ishrak has filed to raise $750 million and is being backed by Medtronic, according to a SEC filing.

The blank check company, Compute Health Acquisition Corp., is seeking to acquire a firm in the health technology sector.

Prior to becoming the Chairman of Intel in 2020, Ishrak served as the CEO of Medtronic.

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Intel Chairman and former Medtronic CEO Omar Ishrak has set up a new SPAC that plans to raise $750 million to acquire a company within the health technology sector, according to a SEC filing.Compute Health Acquisition Corp. plans to sell 75 million units for $10 a piece, which include one share of Compute Health and one quarter of a redeemable warrant, the filing said. Medtronic, a medical device company, plans to acquire 1.5 million units in the offering.According to Compute Health, artificial intelligence, 5G technologies, and increased computing power will help improve medical treatments and disrupt the current healthcare environment, which is the main focus of the SPAC's acquisition target, though the company could acquire any company within any sector, the filing said.Goldman Sachs is the sole book-running manager for the deal. The SPAC lists Jean Nehme and Joshua Fink as the co-chief executive officers of the SPAC. Nehme had previously helped found Digital Surgery, which was sold to Medtronic, and Fink is the son of BlackRock's Larry Fink and runs investment firm Ophir Holdings LLC.
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