Shares in Italian luxury menswear group Zegna rose on their New York market debut on Monday, after the company completed a merger with a U.S. blank check company in a deal with an enterprise value of $3.1 billion.
At 1634 GMT, the shares traded at $10.92 apiece, up 6.6% from the opening price of $10.24. The company had said in a statement that the initial market capitalisation of the combined group would be $2.4 billion.
The Zegna family will have a 66% stake in the group resulting from the merger with Investindustrial Acquisition Corp, a special purpose acquisition company (SPAC) sponsored by private equity firm Investindustrial and chaired by former UBS chief executive Sergio Ermotti.
A backstop deal with outside investors helped fill most of the gap, with the final enterprise value of $3.1 billion just short of the $3.2 billion initially mooted.
Read more/Source: Reuters
