TRNE - A Cable Legend Seeks a Big Acquisition: Should You Invest?
Famed media investor Leo Hindery has had a distinguished career, and he's not done yet. Last year, Hindery launched a special purpose acquisition company (or SPAC) to buy and operate a business in the media or communications industry. Hindery's SPAC, called Trine Acquisition (NYSE: TRNE), raised $261 million in an initial public offering last March. That cash is now sitting in Trine's bank account to be deployed on a promising acquisition negotiated by Hindery and his team.
Whether Trine will be a good investment will come down to what kind of acquisition the management team negotiates for shareholders. Therefore, the most crucial factor for judging Trine's stock today is its management team. And its shareholders appear to be in very capable hands with Hindery and his team.
Hindery is the founder of InterMedia Partners, a private equity company focused on investing in the media industry. He took a break from InterMedia to be CEO of Tele-Communications, a major cable company, which he merged with AT&T in a $48 billion deal in 1999. He then was CEO of GlobalCenter, a major internet service provider.