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A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives.
Orphan structure or Orphan SPV or orphaning are terms used in structured finance closely associated with creating SPVs ("Special Purpose Vehicles") for securitisation transactions where the notional equity of the SPV is deliberately handed over to an unconnected 3rd party who themselves have no control over the SPV; thus the SPV becomes an "orphan" whose equity is controlled by no one.
The special-purpose vehicle is responsible for "bundling" the underlying assets into a specified pool that will fit the risk preferences and other needs of investors who might want to buy the securities, for managing credit risk – often by transferring it to an insurance company after paying a premium – and for distributing payments from ...
On July 13, 2020, Henrik Fisker announced that Fisker Inc. would offer an initial public offering on the New York Stock Exchange through a merger with special-purpose acquisition company Spartan Energy Acquisition Corp. (NYSE:SPAQ), which is backed by private equity firm Apollo Global Management. The deal valued Fisker Inc. at $2.9 billion.
A special-purpose acquisition company (SPAC; / s p æ k /), also known as a "blank check company", is a shell corporation listed on a stock exchange with the purpose of acquiring (or merging with) a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens.
Hero MotoCorp Limited is an Indian multinational motorcycle and scooter manufacturer headquartered in Delhi. It has a market share of about 30% in the Indian two-wheeler industry. [ 3 ] The Munjal family, with its 34.75% stake, is the biggest shareholder in the company as of 2024.
A Stellantis joint venture with Samsung SDI has won a commitment from the U.S. government for up to a $7.54 billion loan to help build two electric vehicle battery plants in Kokomo, Indiana. The ...
The deal was reported to be worth $400m along with an equity stake in the company of an undisclosed size. [31] The purpose-built electric vehicles have been co-developed by Arrival and UPS in order to meet UPS's exact specifications, including the latest advanced control and safety features. [32]