PetSmart aims for initial public offering

Various media channels from the American financial sector are currently reporting on an initial public offering (IPO) of the pet store chain PetSmart with a SPAC deal. A special purpose acquisition company (SPAC) is an acquisition vehicle or shell company that first raises capital through an IPO in order to invest it in the acquisition of a company in a second step.
The quote is from a Bloomberg report stating that KKR Acquisition Holdings is in acquisition talks with PetSmart to take the company public. KKR Acquisition Holdings raised 1.38 billion dollars to acquire consumer or retail companies in its initial public offering last year.
The acquisition would allow PetSmart to go public more quickly than if it did a traditional IPO. According to Bloomberg, the acquisition would value Petsmart at 14 billion dollars.