About Pershing Square SPARC Holdings, Ltd.

Pershing Square SPARC Holdings, Ltd.

Pershing Square SPARC Holdings, Ltd. (“SPARC”) is a newly organized company incorporated in Delaware and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination transaction with one or more businesses. SPARC’s sponsor is managed by Pershing Square Capital Management, L.P. (“PSCM”).

Bill Ackman is SPARC’s Chairman and CEO. He will work closely with the PSCM investment team and the other employees of PSCM to fulfill SPARC’s corporate mission. Mr. Ackman has spent 30 years in the investment management industry, the last nearly 20 years as CEO of PSCM.

SPARC has not yet selected any specific business combination target. SPARC intends to pursue merger opportunities with private, large capitalization, high-quality, growth companies. SPARC will use PSCM’s substantial experience in identifying, analyzing, and determining business quality and the sustainable competitive advantages of a target company, as well as PSCM’s due diligence and negotiation expertise in executing a transaction. We will consider companies in a wide range of industries, but generally will seek to acquire a simple, high-quality, high-return on capital business that generates predictable growing cash flows that can be estimated within a reasonable range over the long term. We will prefer targets that have low sensitivity to macroeconomic factors, with minimal commodity exposure and/or cyclical risk. We are willing to accept a high degree of situational, legal, and/or capital structure complexity in a business combination if we believe that the potential for reward justifies this additional complexity, particularly if these issues can be resolved in connection with and as a result of a combination with us.

For additional information, please refer to the prospectus here.

Pershing Square Capital Management, L.P.

Founded in 2003, Pershing Square Capital Management, L.P. (“PSCM”) is a registered investment advisor with approximately $16.5bn of assets under management.

PSCM is a fundamental value investor in the public markets. PSCM typically invests in high-quality, large capitalization businesses with opportunities for improvement that generate relatively predictable, growing free-cash-flows with formidable barriers to entry and a compelling value proposition.

As part of its strategy, PSCM often purchases large minority stakes in growth companies during periods when they have underperformed their potential. By working with management teams and boards of directors, PSCM has assisted its portfolio companies in creating substantial long-term value.

Core Investment Principles

Consistent with PSCM’s core investment principles and business strategy, SPARC expects to identify high-quality companies that have a number of the characteristics enumerated below. SPARC will use these criteria and guidelines in evaluating acquisition opportunities, but may decide to complete our initial business combination with a target business that does not meet all of these criteria.

These criteria include:

Simple, predictable,

Formidable barriers
to entry

Limited exposure to
extrinsic factors that we
cannot control

balance sheet

Minimal capital
markets dependency

Large market


Exceptional management
& governance