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Bernard Arnault and his inner circle launch SPACINTL

Bernard Arnault and his inner circle launch SPAC

French billionaire Bernard Arnault and his inner circle are joining the SPAC craze – and sorry, you’re not invited!

The owner of LVMH (Louis Vuitton, Givenchy, Dior, you name it), who also happens to be the richest person in Europe, joins a long list of startup entrepreneurs, business veterans, and even celebrities who have opted for the blank-check company method in recent months.

He is joining forces with French asset manager Tikehau Capital, former UniCredit head (Jean Pierre Mustier), and former global investment banking head of Bank of America (Diego De Giorgi) to create a SPAC that will reportedly have a focus on innovative European financial firms. They plan to list the shell company in Amsterdam.

why it matters
Over 140 SPACs have been registered in the US alone this year, and it seems like the trend is quickly making its way to Europe too. Others jumping on the bandwagon include former Commerzbank chief Martin Blessing and European tech investor Klaus Hommels.