{"id":132648,"date":"2021-07-19T07:32:01","date_gmt":"2021-07-19T07:32:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132648"},"modified":"2021-07-19T07:32:01","modified_gmt":"2021-07-19T07:32:01","slug":"ermotti-led-spac-to-help-italys-zegna-go-public-in-3-2-billion-us-deal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/ermotti-led-spac-to-help-italys-zegna-go-public-in-3-2-billion-us-deal\/","title":{"rendered":"Ermotti-led SPAC to help Italy's Zegna go public in $3.2 billion US deal"},"content":{"rendered":"
FILE PHOTO: Plywood covers the windows of an Ermenegildo Zegna store in Chicago, Illinois, U.S. October 13, 2020. REUTERS\/Moe Zoyari<\/figcaption>

MILAN (Reuters) -Ermenegildo Zegna has agreed to list in New York this year by combining with a U.S. special-purpose acquisition company (SPAC) in a deal that gives the Italian luxury fashion group an enterprise value of $3.2 billion.<\/p>\n

It is the latest example of an Italian family-owned fashion business seeking outside investors to bolster their finances and compete more globally, after the industry was hit hard by the coronavirus crisis.<\/p>\n

\u201cWe could have remained independent for another 100 years, but the moment is appropriate and the world has changed a lot and luxury has become very challenging,\u201d Chief Executive Gildo Zegna told the Financial Times.<\/p>\n

Zegna, founded as a textile company in 1910 and now a leading player in formal menswear, will raise $880 million by combining with the U.S. SPAC launched by European private equity group Investindustrial and chaired by Sergio Ermotti, former chief executive at Swiss bank UBS.<\/p>\n

Under the terms of the deal, first reported by the FT and Corriere della Sera, Zegna will sell a portion of their holdings and retain 62% of the combined company, which is being given an equity value of $2.5 billion.<\/p>\n

Zegna will merge with Investindustrial Acquisition Corp in a deal that will give the New York-listed entity an 11% stake in the Italian brand.<\/p>\n

The pandemic, which forced retailers to temporarily shut shops and led to a virtual freeze in international travel, hit smaller luxury brands harder than bigger and more diversified luxury groups like LVMH and Kering.<\/p>\n

That led some family owners to open up their companies to attract fresh funds. Etro, another Italian family-owned label, reached a deal on Sunday with LVMH-backed fund L Catterton to sell a majority stake.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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