Europe's richest man is joining the SPAC craze
CNN
Bernard Arnault, the chairman of luxury goods group LVMH, is the latest billionaire to embrace Wall Street's hot new way to raise money.
Arnault's investment holding company Financière Agache is joining forces with French asset manager Tikehau Capital and two high-profile European bankers to launch a special purpose acquisition company (SPAC) that will hunt for deals in Europe's financial services sector. Tikehau Capital said in a statement on Monday that potential targets include asset management platforms, fintech firms, insurance services and diversified financial services companies. The focus will be on "scalable platforms offering strong profit growth potential," it added, indicating that this will be the first of several SPACs it plans to launch.
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