Investors launch “Europe-first” entertainment and leisure SPAC

| By Daniel O'Boyle
Investors including the billionaire Pinault family have launched what they described as “the first European SPAC (Special Purpose Acquisition Company) dedicated to entertainment and leisure” on the Euronext Paris market, called I2PO.

The SPAC said it would target a combination with “an established brand which is well known in the entertainment and leisure sector”. Other criteria for an acquisition target include having a management team “committed to long-term value creation”, potential for growth – either organic or by acquisitions – and a commitment to environmental, social and governance (ESG) principles.

In addition, I2PO suggested that it may pursue more acquisitions and as a result would look for businesses that were “a good fit” with other potential targets.

“Europe is home to many solid companies with high potential in this sector, which, through the contribution of capital, resources and expertise by I2PO, will have the necessary support to take their business to the next level,” the SPAC said.

It will launch through a €250m private placement of shares, which may grow to €300m if certain extension clauses are exercised. This placement will be made up of 25 million units, valued at €10 each, with each unit comprising one share and one warrant for a purchase of a share at €11.50. The number of units may be increased to 30 million.

The offering started today (14 July) and will end on 16 July.

I2PO will be led by former Warner Media president Iris Knobloch who will act as chief executive, alongside investment business Groupe Artémis, owned by the family of billionaires François and François-Henri Pinault, and Combat Holding, which owns French newspaper Le Monde.

“Knobloch… brings extensive and renowned expertise of the entertainment and leisure industry, as well as a broad international network, built up over the course of her career with WarnerMedia,” I2PO said.

Also on I2PO’s board will be Mercedes Erra, co-founder of advertising agency BETC, Patricia Fili-Krushel, who is chair of diversity and inclusion nonprofit Coqual, Fleur Pellerin, who served as French Minister of Digital Economy and Culture from 2012 to 2016, and Carlo d’Asaro Biondo, who founded software business Noovle.

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