Berlin Venture Fund 468 Capital Plans Second SPAC Listing
(Bloomberg) -- 468 Capital, the Berlin-based venture capital fund, is planning to seek about 250 million euros ($283 million) from a listing of its second special purpose acquisition company, people with knowledge of the matter said.
The German investment firm is working with Berenberg on plans for the blank-check company, the people said, asking not to be identified because the information is private. It aims to announce the potential Frankfurt listing as soon as this month, according to the people.
The group raised 300 million euros in April from the listing of its first vehicle, 468 SPAC I SE. That blank-check company merged with the maker of kid’s audio entertainment system Tonies in a deal giving the combined company an equity value of about 990 million euros.
Deliberations are ongoing, and details of the potential offering could change, the people said. Representatives for 468 Capital and Berenberg declined to comment.
Serial SPAC issuers, a longtime feature of the U.S. market, are now becoming more common in Europe. Billionaire LVMH Chairman Bernard Arnault and former UniCredit SpA head Jean Pierre Mustier started taking investor orders this week for their second SPAC, Pegasus Entrepreneurial Acquisition Company Europe BV. They’re seeking to raise 200 million euros in the Amsterdam listing.
Europe’s smaller SPAC market has continued ticking on even as the frenzy cools in New York. That’s due in part to the speedier deal chases in the region, with many blank-check companies announcing a deal within just a few months of listing.
Odyssey Acquisition SA, backed by investment banker brothers Michael and Yoel Zaoui, listed in Amsterdam in June. It agreed this week to merge with U.K. drugmaker startup BenevolentAI in a 1.5 billion-euro deal.
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