Business 

Billionaire Thomas Barrack-backed SPAC withdraws IPO filing

FILE PHOTO: Thomas Barrack, Executive Chairman, Colony Northstar, speaks at the Milken Institute’s 21st Global Conference in Beverly Hills, California, U.S. May 1, 2018. REUTERS/Lucy Nicholson

(Reuters) – Falcon Peak Acquisition Corp, a blank-check company backed by former U.S. President Donald Trump’s billionaire ally Thomas Barrack, on Friday withdrew its application for an initial public offering in the United States.

The company, which had filed for a $250 million IPO in March, did not give a reason for scrapping the proposed share sale.

Earlier this week, Barrack, who chaired Trump’s inaugural fund, was arrested and charged with illegally lobbying the Trump administration on behalf of the United Arab Emirates.

His spokesperson, however, has refuted the charges.

The billionaire founded telecommunications infrastructure-focused private equity firm Colony Capital in 1991, which was rebranded as DigitalBridge Group Inc. He stepped down as DigitalBridge’s chief executive in 2020.

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