French businessmen aim to set up 150 million euro SPAC

·1 min read

PARIS (Reuters) - French businessmen Marc Menasé, Michaël Benabou and Charles-Hubert de Chaudenay, along with investors MACSF Epargne Retraite and IDI, said on Wednesday they plan to list a 150 million euro special purpose acquisition company (SPAC) in Paris.

Named DEE Tech, the SPAC's capital could be increased to up to 195 million euros ($234 million), the founders said in a statement. They said its aim will be to invest in a "technological company with high potential," without elaborating.

A SPAC is a shell company that uses proceeds from going public to buy other firms that have not yet been identified at the time of the listing.

DEE Tech will be offering 15 million units at a price of 10 euros each, with a minimum subscription of 1 million euros. The offer will start on June 17 and is expected to close on June 23.

The market debut is slated for June 25.

The founders will invest a total of 40 million euros into the SPAC.

Menasé notably invested in online advertising marketplace Teads, later bought by Franco-Israeli billionaire Patrick Drahi. Benabou co-founded French e-commerce firm Veepee, of which de Chaudenay is a former chief executive.

Previous SPACs listed in Paris include French billionaire Xavier Niel's Mediawan, listed in 2016, 2MX Organic, listed last year, and Accor-sponsored Accor Acquisition Company, which was listed in May 2021.

($1 = 0.8338 euros)

(Reporting by Mathieu Rosemain; editing by Richard Pullin)

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