Avanti Acquisition Corp which is owned by Egyptian billionaire Nassef Sawiris, is set to start trading on the New York Stock Exchang and is expected to raise about $600 million, up from the initial target of $500 million, Bloomberg reported citing people familiar with the matter.
Egyptian billionaire Nassef Sawiris and French entrepreneur Ian Gallienne are betting their blank-check company can stand out from a crowded market by focusing on European targets.
Avanti is being dubbed the largest U.S.-listed SPAC to focus on European acquisitions, where company valuations are traditionally below the U.S. The vehicle is scouting for targets among the continent’s large population of family-owned businesses.
The SPAC is seeking high-growth companies in sectors including technology, health and consumer and is expected to target those worth 2 billion euros ($2.4 billion) to 4 billion euros or more.
