France’s richest man Bernard Arnault is teaming up with former UniCredit boss Jean-Pierre Mustier to launch a special purpose acquisition company (SPAC) aimed at European financial deals, as a boom in blank cheque vehicles spreads from the United States.

French investment firm Tikehau Capital is sponsoring the SPAC alongside Mustier, Financiere Agache, a group belonging to Arnault, as well as banker Diego De Giorgi, formerly of UniCredit and Bank of America Merrill Lynch.

Overall, 144 SPACs have raised $45.7 billion so far this year, based on data from SPAC Research, with backers including high-profile investors, politicians and sports personalities.

Read more at: Yahoo Finance

By Sudip Kar-Gupta

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