NEW YORK: Apex Clearing Corp, a financial technologies firm that focuses on securities custody and clearing, has agreed to go public through a merger with the blank-check company Northern Star Investment Corp II, according to people familiar with the matter. The special purpose acquisition company (SPAC) was started by Jonathan Ledecky, co-owner of the National Hockey League’s New York Islanders. To support the transaction, the SPAC will raise about US$450mil from investors including Fidelity Management & Research Co and Coatue Management, they added. Officials from Apex and Northern Star declined to comment. Apex Clearing, owned by financial technology firm Peak6, was the clearing house for Robinhood Markets Inc before it launched its in-house platform in 2018.

Source: The Star February 23, 2021 01:07 UTC