Dubai’s Averda Said to Plan IPO After Ditching SPAC Merger Talks

Averda is exploring an initial public offering in Saudi Arabia or the United Arab Emirates, according to people familiar with the matter, the latest firm seeking to join a wave of listings in the Persian Gulf.

The Dubai-based provider of waste-disposal services held merger talks with U.S. blank-check firm Better World Acquisition Corp.earlier this year, but those discussions have been abandoned, the people said, asking not to be named because the information is private.

It’s not immediately clear why the SPAC talks fell through. After booming during the coronavirus pandemic, the market for blank-check companies has cooled sharply due ...