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A for-profit prison company is going public via SPAC, raising ESG concerns in the blank-check space
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cnbc.comThe red-hot SPAC market could have an ESG problem.
Securus Technologies, a prison services company that makes profit from charging families of the incarcerated for phone calls, is in talks to go public via merging with Atlantic Avenue Acquisition Corp, according a person familiar with the matter.
While prison services telecoms are less scrutinized than companies that operate correctional facilities, their for-profit nature and their line of business still typically make ESG-conscious investors shy away. (ESG stands for environmental, social and governance.)
«In a climate focused on ESG, and given criticisms being hurled at SPACs in general, you can see how this combination could become a controversial deal for investors,» said Perrie
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