Initial Public Offering – Former UPS banker Martin Blessing launched Spac on Euronext

Together with three other investors, he plans to launch an EFIC1 investment vehicle, aimed at obtaining financial services or fintech.

EFIC1 announced on Monday that funds amounting to approximately € 415 million will be raised in Euronext Amsterdam via a private placement of shares in March 2021. It has been reported that EFIC1 has been formed for the purpose of conducting a merger, capital exchange, asset acquisition, share purchase or reorganization. Or the merging of similar businesses with or the acquisition of an operating business or company.

EFIC1 will focus on opportunities in the financial services and financial technology (fintech) sectors and seek a deal with a suitable partner operating or headquartered in Europe, including the UK or Israel.

Martin Blessing, who together with Nick Abergues owns the majority of EFIC1, will lead the Dutch company as CEO.

Spacs, which are also called blank check companies in this country, consists of a pure company structure that is released to the public without any operational business. The goal of SPAC is to find and seize an unlisted acquisition candidate with funds raised in the IPO. Spacs are currently experiencing a boom in the United States and growing in popularity in Europe. Former bank chiefs such as Sergio Ermotti, Tidjan Thiam, and Brady Dogan shared such vehicles in the United States.

(AWP)

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