{"id":179396,"date":"2021-02-16T14:04:00","date_gmt":"2021-02-16T11:04:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/europe-joins-wall-streets-boom-in-blank-check-companies\/"},"modified":"2021-02-16T14:04:00","modified_gmt":"2021-02-16T11:04:00","slug":"europe-joins-wall-streets-boom-in-blank-check-companies","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/europe-joins-wall-streets-boom-in-blank-check-companies\/","title":{"rendered":"#\n  Europe joins Wall Street\u2019s boom in \u2018blank-check\u2019 companies"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a412b36787b0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a412b36787b0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/europe-joins-wall-streets-boom-in-blank-check-companies\/#Bankers_target_Europe-based_technology_and_financial_services_startups\" >Bankers target Europe-based technology and financial services startups<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/europe-joins-wall-streets-boom-in-blank-check-companies\/#Lina_Saigol_and\" >Lina Saigol and<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/europe-joins-wall-streets-boom-in-blank-check-companies\/#Paul_Clarke\" >Paul Clarke<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Europe joins Wall Street\u2019s boom in \u2018blank-check\u2019 companies<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Bankers_target_Europe-based_technology_and_financial_services_startups\"><\/span>\n  Bankers target Europe-based technology and financial services startups<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000166740\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       It\u2019s the monster trend on Wall Street. Now it\u2019s crossed the Atlantic.<\/p>\n<p> LVMH<br \/>\n        MC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201350549\/delayed\" class=\"negative\">-0.47%<\/bg-quote><br \/>\n       founder Bernard Arnault and former UniCredit<br \/>\n        UCG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200769686\/delayed\" class=\"positive\">+0.31%<\/bg-quote><br \/>\n       chief Jean-Pierre Mustier on Monday announced plans to create a blank-check company, marking Europe\u2019s entry into the craze for special-purpose acquisition vehicles, or SPACs.<\/p>\n<div class=\"paywall\">\n       <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tikehaucapital.com\/~\/media\/Files\/T\/Tikehau-Capital\/PR%202021%20EN\/PR_TikehauCapital_SPAC_02152021.pdf?pdfref=20210214211824\" class=\"icon none\">Tikehau Capital and Financi\u00e8re Agache<\/a>, a holding company controlled by Groupe Arnault, will sponsor Pegasus Europe, which will be co-run by former Bank of America<br \/>\n        BAC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200894270\/composite\" class=\"positive\">+1.49%<\/bg-quote><br \/>\n       deal maker Diego De Giorgi and look to invest in \u201cinnovative\u201d European financial companies.<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> comes just days after ESG Core Investments<br \/>\n        ESG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/224581852\/delayed\" class=\"positive\">+0.41%<\/bg-quote><br \/>\n       raised \u20ac250 million in a SPAC initial public offering in Amsterdam, with the aim of buying companies focused on the environmental, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> and governance space.<\/p>\n<p>The SPACs are the first two in Europe in 2021, and only the fourth such offerings in the region since the red-hot trend kicked off in the U.S. last year, where a record $102 billion globally has been raised over the past year, according to data provider Refinitiv.\u00a0<\/p>\n<p>Just $132 million of that was raised on European bourses, but there are now signs that activity is starting to pick up, as bankers, private equity groups, and venture-capitalist funds look to create new vehicles and cash in on the frenzy.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        \u201cSPACs are coming to Europe. Six months ago this was more of a theoretical discussion, but now we\u2019re seeing a big uptick in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite among sponsors to raise money in Europe via these vehicles.\u201d<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Giacomo Ciampolini, head of Emea alternative capital, Citigroup<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       \u201cSPACs are coming to Europe,\u201d said Giacomo Ciampolini, head of EMEA alternative capital at Citigroup<br \/>\n        C,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207741460\/composite\" class=\"positive\">+0.68%<\/bg-quote><span>.<\/span><br \/>\n       \u201cSix months ago this was more of a theoretical discussion, but now we\u2019re seeing a big uptick in appetite among sponsors to raise money in Europe via these vehicles.\u201d<\/p>\n<p> SPACs raise equity via initial public offerings and then hunt for private companies to buy or merge with, before taking them public. They have two years to strike a deal or they have to return the cash, which is held in trust, to their investors.<\/p>\n<p><strong>Read:<\/strong> Ex-Barclays investment bank chairman plans to raise $250 million with blank-check company<\/p>\n<p>The SPAC frenzy has attracted some of the biggest names in European banking, but they have all shunned their home markets to raise cash in New York.\u00a0<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The former Credit Suisse chief executive Brady Dougan, ex-Barclays deal maker Makram Azar, former London Stock Exchange<br \/>\n        LSEG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206625606\/delayed\" class=\"positive\">+0.53%<\/bg-quote><br \/>\n       boss Xavier Rolet, and Deutsche Bank\u2019s<br \/>\n        DB,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203042512\/composite\" class=\"positive\">+1.97%<\/bg-quote><br \/>\n       ex-investment bank chief Garth Ritchie have all raised money on U.S. exchanges, even as some target European acquisitions.\u00a0<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> sector has been one of the most fertile hunting grounds for SPACs, offering the chance for retail investors to gain exposure to potential winners before they have even booked a profit or made a product.<\/p>\n<p>\u201cOur aim is to allow retail investors to tap into innovative and high-growth companies that they would otherwise have been shut out of, as more companies that have historically chosen to stay private for longer enter public markets earlier via these vehicles,\u201d said Morgan Creek Capital Management Chief Executive Mark Yusko.<\/p>\n<p>He teamed up with Brady Dougan, the former chief executive of Credit Suisse and founder of fintech Exos Financial, to launch a third exchange-traded fund based on SPACs in January. The Morgan Creek-Exos SPAC Originated ETF<br \/>\n        SPXZ,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/224208305\/composite\" class=\"positive\">+1.19%<\/bg-quote><br \/>\n       will make active decisions about its holdings rather than passively tracking an index, and the pair plans to put two-thirds of money in companies that went public by combining with a SPAC in the past three years, and the rest in blank-check firms that are still seeking mergers.<\/p>\n<p>\u201cThe great thing about a SPAC is that firms can access a wider array of investors which want to bet on innovation,\u201d said Dougan, adding that Europe will catch-up with the U.S., given its robust centres of innovation in Munich, London and Paris, among other cities.<\/p>\n<p>For some senior bankers who have launched SPACs, the U.S. remains the more attractive choice. Azar, who unveiled his $300 million SPAC Golden Falcon Acquisition Corp<br \/>\n        GFX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/224419944\/composite\" class=\"positive\">+0.79%<\/bg-quote><br \/>\n       in December, said the U.S. \u201cis home to the deepest pool of capital and most liquid capital markets.\u201d\u00a0<\/p>\n<p>\u201cFor tech companies in particular U.S. markets are where tech is best appreciated in terms of valuation and multiples,\u201d Azar added.<\/p>\n<p><strong>Read: <\/strong>Why the smartest stock investors are passing on most SPAC IPOs<\/p>\n<p>Charlie Walker, head of equity primary markets at the London Stock Exchange, said that, while he doesn\u2019t see demand in London reaching the same level as the U.S. because the market dynamics are different, \u201cwe do think there is demand for a meaningfully higher number than currently exist.\u201d<\/p>\n<p>Under current U.K. listing rules, investors are locked in as soon as the shell company makes an acquisition public. That may have been one reason deal maker Martin Franklin abandoned plans to raise $750 million via his<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.thetimes.co.uk\/article\/investors-scared-off-from-backing-blank-cheque-acquisition-funds-kjdzs7g5p\" class=\"icon none\"> Harvester Holdings<\/a> on the LSE after\u00a0failing to gain enough investor interest.<\/p>\n<p>To attract more blank-check companies to Europe, Nasdaq<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+0.50%<\/bg-quote><br \/>\n       earlier this month<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.roschier.com\/newsroom\/spacs-are-coming-to-the-stockholm-stock-market\/\" class=\"icon none\"> updated its rules<\/a> to enable listing of SPACs on the Nordic stock exchanges. Under the new measures, trading in SPAC shares won\u2019t be halted once a deal is announced, allowing investors to cash out if they don\u2019t approve of the target.<\/p>\n<p>Nasdaq is considering similar rules for Helsinki, Copenhagen and Reykjavik, which should help boost the number of SPACs choosing Europe as their destination to list.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Lina Saigol\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Lina_Saigol_and\"><\/span>Lina Saigol and<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Paul Clarke\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Paul_Clarke\"><\/span>Paul Clarke<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D28B542A3663%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Europe joins Wall Street\u2019s boom in \u2018blank-check\u2019 companies &#8221; Bankers target Europe-based technology and financial services startups It\u2019s the monster trend on Wall Street. Now it\u2019s crossed the Atlantic. LVMH MC, -0.47% founder Bernard Arnault and former UniCredit UCG, +0.31% chief Jean-Pierre Mustier on Monday announced plans to create a blank-check company, marking Europe\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":179397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-179396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/179396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=179396"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/179396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/179397"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=179396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=179396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=179396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}