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
