Wealthy Europeans Join SPAC Club in Record Year for Listings (1)

Nov. 23, 2020, 2:14 PM

The allure of blank check companies is spreading beyond the U.S., with a host of European business tycoons now plotting deals.

Listing a so-called special purpose acquisition company, or SPAC, has been the go-to method for wealthy Americans to raise money for takeovers this year. SPACs have raised more than $60 billion to pursue targets in 2020, a record, according to data compiled by Bloomberg. The U.S. accounts for almost all of that figure.

Now, Europeans are joining the hunt. Investindustrial Acquisition Corp., a private equity firm backed by UBS Group AG’s former Chief Executive Officer Sergio Ermotti ...

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