WhatsNew2Day
Latest News And Breaking Headlines

Donald Trump Aide on £700M Move for Atom Bank

Former member of Donald Trump’s cabinet who is plotting to take over UK digital lender Atom Bank in a move that could see it listed on the US stock market.

A former member of Donald Trump’s cabinet is plotting to take over British digital lender Atom Bank in a move that could see it listed on the US stock market.

Wilbur Ross, who served as commerce secretary, is in advanced talks with the Durham-based lender regarding a £700m merger with his special purpose acquisition company (SPAC), Ross Acquisition Corp II.

SPACs are shell companies that are listed on stock markets and then raise money in order to find a company to acquire.

Plotting: Wilbur Ross is in advanced talks with Durham-based lender Atom Bank

Plotting: Wilbur Ross is in advanced talks with Durham-based lender Atom Bank

If a deal is struck, Atom Bank would join a number of other prominent UK firms that have gone public through SPAC mergers. They include car shopping website Cazoo and Vertical, an electric aircraft company created by OVO Energy founder Stephen Fitzpatrick.

The talks were first reported by Sky News.

Atom Bank, which operates via a mobile phone app, had previously considered plans to list on the stock market. However, the expectation was that it would float in London due to its focus on the UK.

Ross was dubbed the ‘Bankruptcy King’ on Wall Street for buying struggling coal and steel companies and selling them for huge profits.

In 2010, his private equity firm took a stake in Virgin Money shortly before it bought a piece of Northern Rock. Ross then cashed out in 2016. He contacted Atom Bank for comment.

Commercial

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More