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Tikehau Capital to back new European SPAC

Bernard Arnault, chief executive officer of LVMH, pictured in New York in Jan.

Bernard Arnault, chief executive officer of LVMH, pictured in New York in Jan. 8, 2017
(Getty Images/Drew Angerer)

France’s Tikehau Capital plans to launch a blank check vehicle alongside LVMH CEO Bernard Arnault and former UniCredit head Jean-Pierre Mustier, becoming the latest European investor to join the SPAC boom.

Former UniCredit and Bank of America Merrill Lynch executive Diego De Giorgi will also be backing the special purpose acquisition company alongside Mustier and Arnault’s personal holding company Financiere Agache.

The news comes less than a week after UK tech founder Michael Tobin revealed plans to list a tech-focused SPAC in Amsterdam. This latest fund will be the second French SPAC to be launched recently. In December, French billionaire Xavier Niel teamed up with Lazard banker Matthieu Pigasse to launch a €300 million vehicle.

SPACs have become a popular alternative route for companies looking to go public, notably in the US where they are fueling a flurry of PE and VC exits. The market remains fairly nascent in Europe, but that is changing. The UK, in particular, has sought to encourage more SPAC listings in London.

Tikehau’s SPAC will target European companies in four sectors: asset management, fintech, insurance services, and diversified financial services.

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    Written by Andrew Woodman
    Andrew Woodman is PitchBook’s London Bureau Chief and oversees news coverage of Europe and the Middle East. Andrew has been reporting on the private markets since 2012. He was previously an editor with Private Equity International and with the Asian Venture Capital Journal. A Japanese speaker, he spent the best part of a decade in Asia, living and working in both Japan and Hong Kong.
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