The family of French billionaire Pinault is embroiled in a push for European Spac

The Pinault billionaire family is joining a growing number of European Spacs, with the aim of raising € 300m from a private company that can focus on entertainment and leisure.

The special vehicle, called the I2PO, is being launched in Paris on Wednesday. He is also supported by Centerview Partners bank Matthieu Pigasse and will be led by former WarnerMedia CEO Iris Knobloch.

Spacs are commercial vehicles that are listed on the market and are looking for a business company that can be integrated. Wall Street is the center of Spac excitement that has flown through the stock markets over the past 18 months.

Investors say it’s the easiest and cheapest way for companies to go public, but they’ve got a US-led review of their vast economy. Motorists usually receive 20% of the Spac shares at a lower fee.

Only three Spacs were launched in Europe last year, raising $ 500m, according to Refinitiv. This compares with 244 in the US who have donated more than $ 80bn.

Events in Europe began in 2021, although the US is still a very difficult market. So far this year, 21 Spacs earned $ 5.4bn in Europe; in the US, Spacs 365 earned $ 106bn, according to Refinitiv.

I2PO will support the purchase of € 1bn to € 2bn in places such as music and movies, movies, television services or travel and entertainment platforms.

“We have come to make a European champion in the movement,” Knobloch told the Financial Times “I think the world has changed. . . Fewer items and size. This is why I see a great opportunity to integrate a divided market and extend Europe to other markets. ”

The three assistants are Knobloch; Artemis, a family member of the Pinault family with 40 bn overseen and directing the excellent Kering team; is a company owned by Pigasse Combat Holding. Artemis will be represented by François-Henri Pinault and Alban Greget.

“It’s the first Spac that Artemis did as an assistant, the first Spac that was set up and run by a woman, and the first Spac in Europe that looks more fun,” said Knobloch, chairman and CEO of I2PO.

Knobloch resigned last month from a senior European position at WarnerMedia to take up the job. They also sit on the boards of AccorHotels, Lazard and Kering competing with LVMH.

Pigasse, a former Lazard chief in France, is behind Mediawan and 2MX Natural, the first two Spacs launched in the country, and one by one in the media such as Le Monde daily newspaper.

Earlier this month the Zaoui brothers, who set up a fundraiser in Zaoui & Co, teamed up with European officials and raised € 300m in Amsterdam for Spac Find the Odyssey which will invest in the medical and technical industries.

In February the founder of LVMH Bernard Arnault, Tikehau Capital and former UniCredit CEO Jean Pierre Mustier raised 500m euros on Amsterdam’s list of empty companies Pegasus Europe investing in European financial companies.