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(Bloomberg) -- The young scion of a storied Texas oil dynasty and his fraternity brother have raised $125 million for a SPAC focused on Latin America. Rose Hill Acquisition Corp., started by 23-year-old Cornell alumni Albert G. Hill IV and Juan Jose Rosas, sold 12.
The special purpose acquisition company sold 12.5 million units at $10 apiece in its U.S. initial public offering.
(Bloomberg Businessweek) -- The trajectory of so-called blank-check companies—effectively vast pools of cash in search of investment opportunities—is shaping up to be a classic Wall Street feeding frenzy.