LVMH founder Bernard Arnault and former UniCredit chief Jean Pierre Mustier are creating a special purpose acquisition vehicle to invest in European financial companies, joining the $100bn Spac boom.
Tikehau Capital and Financière Agache, a holding company controlled by Groupe Arnault, will sponsor Pegasus Europe, which will be co-run by former Bank of America dealmaker Diego De Giorgi, Mustier said in an interview with the Financial Times.
Pegasus will be listed in Amsterdam, which is emerging as the European capital for the blank-cheque companies after becoming the main beneficiary of the shift of euro-denominated equity trading away from London since Brexit.
The Spac will look to raise in the low hundreds of millions of euros and JPMorgan is said to be advising, according to a person familiar with the matter. Pegasus declined to comment on the size, citing pre-listing rules.
Spacs raise money by listing on a stock exchange and then use the proceeds to take…