Credit cheque

15 February 2021 By Lisa Jucca Follow @LJucca

Jean-Pierre Mustier teamed up with tycoon Bernard Arnault and fund manager Tikehau to launch a blank-cheque vehicle searching for financial services deals. He’s betting European investors will join the SPAC craze. The support of Europe’s richest man offers a good entry ticket.

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French asset manager Tikehau Capital on Feb. 15 joined forces with former UniCredit Chief Executive Jean-Pierre Mustier to launch a special purpose acquisition company to target deals in the European financial services sector.

Mustier and Diego De Giorgi, the former head of global investment banking at Bank of America, will be the operating partners of the company, which will also have the backing of Financiere Agache, the holding company of LVMH Chairman and Chief Executive Bernard Arnault.

The four sponsors plan to put up at least 10% of the amount raised by the SPAC and will commit to a “substantial forward purchase agreement” when it identifies a target, Tikehau said.

Tikehau shares were up 0.8% at 24.30 euros by 0920 GMT on Feb. 15.

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