Pinault and Pigasse Join Forces on Entertainment-Focused SPAC

The holding corporations of French enterprise billionaire Francois Pinault’s household and banker Matthieu Pigasse introduced on Wednesday the creation of I2PO, a SPAC aiming to boost an preliminary €250 million ($294.50 million) and goal the leisure business.

The SPAC might be led by Iris Knobloch, I2PO’s chairman and chief govt who constructed her profession at WarnerMedia.

A SPAC, or Particular Goal Acquisition Firm, is a shell firm with no operational exercise whose securities are issued on the inventory marketplace for a restricted time with the goal of creating a number of acquisitions in a specific sector.

Francois-Henri Pinault, the son of Francois Pinault, will characterize the Pinault household on the board of I2PO, the primary European SPAC devoted to the leisure and leisure sectors.

I2PO mentioned the preliminary €250 million non-public placement was a part of an inventory on Euronext Paris, and may very well be elevated to €300 million.

The supply interval begins on July 14 and ends two days later, I2PO mentioned.

Francois Pinault, whose household holding firm Artemis controls luxurious group Kering, invested in March in one other SPAC arrange by former Credit score Suisse boss Tidjane Thiam.

In February, Bernard Arnault, the boss of LVMH — Kering’s major rival — launched a SPAC with former Unicredit chief govt Jean-Pierre Mustier specializing in the European monetary providers sector.

By Richard Lough; Editor: Louise Heavens