Europe’s richest man is joining the SPAC craze


Arnault’s funding holding firm Financière Agache is becoming a member of forces with French asset supervisor Tikehau Capital and two high-profile European bankers to launch a particular goal acquisition firm (SPAC) that can hunt for offers in Europe’s monetary companies sector.

Tikehau Capital stated in a press release on Monday that potential targets embody asset administration platforms, fintech companies, insurance coverage companies and diversified monetary companies corporations. The main focus will likely be on “scalable platforms providing robust revenue progress potential,” it added, indicating that this would be the first of a number of SPACs it plans to launch.

Jean-Pierre Mustier, the previous CEO of Italian financial institution UniCredit (UNCFF), and Diego De Giorgi, a former head of worldwide funding banking at Financial institution of America (BAC) Merrill Lynch, would be the working companions of the corporate, Tikehau Capital stated.
SPACs, or “blank-check” corporations elevate capital by an IPO to purchase present companies. They have been as soon as an obscure a part of the market however have exploded in recognition. Final 12 months, 229 SPACs in the USA raised $76 billion, up from simply $13 billion in 2019, in line with Goldman Sachs. A spate of latest filings this 12 months — together with from former San Francisco 49ers quarterback Colin Kaepernick and Rocket Web co-founder Oliver Samwer — signifies the tempo is not letting up.
Whereas European inventory exchanges have thus far largely missed out on the increase, there are early indicators that the market is starting to take off within the area.

Tikehau Capital didn’t present particulars on the quantity its SPAC is looking for to lift, saying solely that the 4 sponsors plan to collectively make investments no less than 10% of that quantity. Arnault has a internet value of $114 billion, making him the fourth richest individual globally and the richest particular person in Europe, in line with the Bloomberg Billionaires Index.

The SPAC will IPO in Amsterdam, the most recent in a sequence of wins for the Dutch metropolis’s change. Euronext Amsterdam is without doubt one of the greatest beneficiaries from modifications that imply EU monetary establishments can not commerce European shares on UK exchanges after Brexit.

— Julia Horowitz contributed reporting.



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