Europe's biggest hotel group, Accor, has said that it is planning to sponsor a special purpose acquisition company (SPAC) to target acquisitions in the leisure, lifestyle and food sectors.
Expecting To Raise Approximately €300 Million
The company said in a statement that it is expecting the SPAC to raise approximately €300 million with a listing on Euronext Paris, and added that its own investment in the SPAC will not be material.
A SPAC, which is also known as a blank check company or firm, is a shell company that raises money in an initial public offering (IPO) to merge with a privately held firm that then becomes publicly traded as a result.
Benefit From Accor's Network, Scale And Global Presence
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Accor said that SPAC acquisition will benefit from the company's network, scale and global presence.