The single family office of Egyption billionaire Nassef Sawiris launches a $600M Special-purpose acquisition company (SPAC) called Avanti Acquisition Corp. Avanti started trading on the NYSE in the beginning of October. Sawiris single family office, NNS Group, invests together with Sienna Capital $100M on top of the amount raised on stock markets.
Rather broad investment focus for Sawiris SPAC
The NYSE-listed SPAC initiated by Nassef Sawiris and Ian Gallienne is targeting European family-owned companies with a valuation between $2-4BN. The sector focus lies on technology, health and consumer goods. SPACs are a new trend in the investment industry: alone this year, 118 SPACs raised through IPOs more than $44BN, according to Bloomberg. The recent transaction shows that SPACs are also a viable way of capital raising for family offices.
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