Paris plays catch-up with Frankfurt in SPAC race

  • 6/17/2021
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LONDON, June 17 (Reuters Breakingviews) - French rainmakers read more are finally doing la patrie proud. Paris-based investment banker Erik Maris, who co-founded boutique Messier Maris before abruptly splitting last year, plans to raise up to 245 million euros for a special purpose acquisition company, dubbed Transition, targeting green energy producers. His announcement came a day after entrepreneur Marc Menasé unveiled the City of Light’s first e-commerce SPAC, called DEE Tech, seeking to raise a maximum of 195 million euros. Despite shares in 2MX Organic (2MX.PA), the cash shell belonging to French billionaire Xavier Niel and ex-Lazard (LAZ.N) banker Matthieu Pigasse, soaring on their debut last year, Gallic SPACs have been a rarity. Only one 300 million euro deal, backed by hotel group Accor (ACCP.PA), has come to market so far in 2021. The latest flurry puts Paris on par with Frankfurt by deal count, but it still trails Amsterdam, according to Refinitiv data. At least it beats la perfide Albion: year-to-date SPACs in London have raised a measly $3 million. (By Christopher Thompson) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Jessica Alba’s Honest smells like teen spirit read more Struggling airlines confront long-haul crew taboo read more Tui share sale may cast shade on investors’ summer read more Platinum Equity goes old school with latest deals read more New U.S. antitrust sheriff read more

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