French SPAC Pegasus Europe raises 500 mln euros

PARIS, April 29 (Reuters) - The “Pegasus Europe” special purpose acquisition vehicle (SPAC) launched by Tikehau Capital and others including financier Jean-Pierre Mustier, has raised 500 million euros ($606 million), the parties involved said.

A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held company, that then becomes publicly traded as a result.

Investment firm Tikehau Capital is sponsoring the Pegasus Europe SPAC alongside former UniCredit boss Mustier, Financiere Agache which is a group belonging to LVMH luxury goods boss Bernard Arnault, and banker Diego De Giorgi, formerly of UniCredit and Bank of America Merrill Lynch.

$1 = 0.8247 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely