Analysis

Bernard Arnault and Jean Pierre Mustier SPAC creates record in Amsterdam listing

, Financial times

The SPAC created by LVMH chief executive Bernard Arnault and former UniCredit chief Jean Pierre Mustier to invest in European financial companies has listed in one of the largest European SPACs placements on record.

Pegasus Europe raised €500m in its listing on Euronext Amsterdam on Thursday morning, making it among the largest European Spacs in the year’s crop of the vehicles. The deal reflects European efforts to mimic the explosive growth in Spacs in the US. 

The sponsors jointly invested €55m in the private listing and €12.75m for warrants to cover commissions and costs. They also pledged an additional investment of €100m, to be used by Pegasus when a suitable target company is found.

Pegasus is part of an expected European wave, with Tikehau Capital among those planning additional blank cheque vehicles. 2MX Organic, a Spac founded by telecoms billionaire Xavier Niel to invest in organic food, raised €300m last year in the largest public offering on the Paris market in 2020.

The decision to list Pegasus in Amsterdam, which has already benefited when euro-denominated equity trading moved out of London following the UK’s exit from the EU, could mark it as Europe’s emerging centre for Spacs.

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