LVMH founder and ex-UniCredit CEO launch vehicle to invest in European financial companies

LVMH founder Bernard Arnault and former UniCredit chief Jean Pierre Mustier are creating a special purpose acquisition vehicle to invest in European financial companies, joining the $100bn Spac boom.

The Spac will look to raise in the low hundreds of millions of euros and JPMorgan is said to be advising, according to a person familiar with the matter.

Arnault is one of the world’s richest men. He has a fortune of $114bn that he built up over four decades of dealmaking that created the world’s largest luxury group, including the Louis Vuitton, Dior, Givenchy, Veuve Clicquot and Dom Pérignon brands.

Spac founders are attracted by the potential for large rewards from a successful acquisition target. The vehicles’ sponsors often receive 20 per cent of its shares for a nominal fee.

Read more/Source: Financial Times

By Stephen Morris

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