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ExUniCredit CEO Mustier, LVMHs Arnault form SPAC for financial deals

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PARIS, Feb 15 Reuters Former UniCredit boss JeanPierre Mustier is teaming up with Frances richest man Bernard Arnault 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 SCA 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.

A SPAC is a shell company that raises money in an initial public offering IPO to merge with a privately held company, that then becomes publicly traded as a result.

SPACs have emerged as a popular IPO alternative for companies, especially in the United States, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds raised.

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

In the financial services arena, other big name sponsors are also emerging. Former Credit Suisse CEO Tidjane Thiam is also launching a SPAC that will list in New York and focus on financial services, while Martin Blessing, a former chief executive officer of Commerzbank AG, is planning one listed in the Netherlands.

The Tikehau SPAC will target areas such as financial technology or fintech, fund…

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