Ex-UniCredit CEO’S SPAC Seeks $606 Million in Amsterdam IPO

Ex-UniCredit SpA Chief Executive Officer Jean Pierre Mustier’s special purpose acquisition company plans to raise as much as 500 million euros ($606 million) when it lists in Amsterdam this week.

Pegasus Acquisition Co. Europe BV, backed by billionaire Bernard Arnault and French asset manager Tikehau Capital, will begin a private placement shortly, with a goal of completing the initial public offering around April 29, the company said Monday in a statement.

Mustier and former Bank of America Corp. executive Diego De Giorgi will run Pegasus Europe, which plans to invest in financial services, including wealth management and fintechs, it said.

Ex-UniCredit CEO’S SPAC Seeks $606 Million in Amsterdam IPO

The men are part of a wave of top finance executives creating blank-check companies as the next act in their careers. Ex-Commerzbank CEO Martin Blessing listed one in Amsterdam last month, while ex-Credit Suisse Group AG Chief Executive Officer Tidjane Thiam, former Citigroup Inc. banker Michael Klein and ex-Deutsche Bank AG investment banking head Garth Ritchie have taken such companies public in the U.S.

Special-purpose acquisition companies raise investor money in the equity markets to fund takeovers. They have become one the hottest trends in markets, though with more than 330 blank-check firms already listed in 2021, mostly in the U.S., there’s a debate about their potential to find suitable acquisition targets.

The deal will burnish Amsterdam’s standing as a key market for IPOs this year and a center of European SPAC listings. The exchange has hosted five IPOs in 2021, raising almost $8.1 billion, according to data compiled by Bloomberg.

The four sponsors of Pegasus Europe -- Mustier, De Giorgi, Arnault’s Financiere Agache investment company and Paris-based Tikehau -- will invest a combined 55 million euros in units at the time of the IPO, according to the statement. Tikehau and Financiere Agache also will provide a forward purchase agreement of as much as 100 million euros that Pegasus Europe can call at the time of an acquisition.

Mustier, who announced his departure from UniCredit in November after more than four years at the helm of Italy’s biggest bank, will be one of five board members of Pegasus. Tikehau and Arnault will have one director representing both, and three independent directors will complete the board.

Citigroup Inc. and JPMorgan Chase & Co. are joint global coordinators and joint bookrunners on the initial public offering.

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