Apollo Plans Its First European SPAC IPO in Amsterdam

Apollo Global Management Inc. is planning to list a blank-check company in Amsterdam that could raise about 400 million euros ($473 million) for acquisitions, according to people familiar with the matter.

The alternative asset manager is working with STJ Advisors LLP on the listing, which could take place in the coming months, the people said, asking not to be identified as the details aren’t public. Credit Suisse Group AG and JPMorgan Chase & Co. are leading the initial public offering, the people said.

While the special purpose acquisition company will have a broad mandate to invest across sectors, it may consider deals in technology, industrials and financial services, one of the people said.

Deliberations are ongoing and the size and timing of any listing could change depending on investor sentiment and market conditions, the people said. Representatives for Apollo, Credit Suisse, JPMorgan and STJ declined to comment.

SPACs raise money from equity investors to fund takeovers of privately-held targets. For private equity firms, they offer an alternative way to raise capital for deals at a time when mergers and acquisitions are booming. While Apollo has backed several SPACs in the U.S., including Apollo Strategic Growth Capital and Spartan Acquisition Corp. II, this would be its first in Europe, where the trend is gathering steam.

Issuers globally have raised $117 billion through blank-check listings this year, according to data compiled by Bloomberg, with New York accounting for the bulk of that figure. The trend has cooled considerably in the U.S., where SPACs raised $5.6 billion via IPOs in June, 63% less than the monthly average of $15.2 billion. But activity in Europe is picking up with Amsterdam emerging as a key listing venue.

This week, investment banker brothers Michael and Yoel Zaoui picked the Dutch capital to list Odyssey Acquisition SA, a 300 million-euro SPAC that will hunt for deals in Europe’s health-care and technology, media and telecommunications sectors.

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