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Equinox Group is in talks to go public through Chamath Palihapitiya-backed SPAC, sources say 

An individual wears a protecting face masks outdoors Equinox Sports activities Membership and fitness center on the Higher West Aspect as town continues Section 4 of re-opening following restrictions imposed to sluggish the unfold of coronavirus on August 16, 2020 in New York Metropolis.

Noam Galai | Getty Pictures

Equinox is in talks to go public through a SPAC headed by Chamath Palihapitiya, sources accustomed to the matter instructed CNBC’s David Faber.

The deal is concentrating on a valuation of twenty-two instances estimated EBITDA of $320 million, based on the sources, with the PIPE funding doubtlessly reaching $2 billion. Total, the corporate is concentrating on a valuation north of $7 billion.

Palihapitiya’s Social Capital VI is the particular function acquisition firm, or SPAC, that might take the high-end health chain public by a reverse merger. The deal was shopped to plenty of different potential SPAC sponsors.

The health firm, which additionally owns SoulCycle and Blink Health, amongst others, has been hit exhausting by the pandemic with some golf equipment pressured to shut.

The Social Capital Hedosophia Holdings Corp. VI, which trades beneath the ticker IPOF, slid roughly 2% on Wednesday. For the 12 months, shares are down 17%.

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