July 19 (Reuters) – Italian luxurious trend group Ermenegildo Zegna has agreed to go public by combining with a special-purpose acquisition firm (SPAC) in america, giving the enterprise an enterprise worth of $3.2 billion, the Monetary Occasions said on Monday.
The family-owned trend model will increase $880 million by combining with a SPAC launched by European personal fairness group Investindustrial and chaired by former UBS chief government Sergio Ermotti, the report stated.
Underneath the phrases of the deal, Zegna will promote a portion of their holdings and retain 62% of the mixed firm, which is being given an fairness worth of $2.5 billion, FT added.
Zegna will merge with the New York-listed entity Investindustrial Acquisition Corp (IIAC.N).
The funding within the Italian trend model will give Investindustrial an 11% stake within the firm, FT stated.
“We might have remained impartial for one more 100 years, however the second is suitable and the world has modified so much and luxurious has turn out to be very difficult,” Chief Government Officer Gildo Zegna informed the FT.
Investindustrial Acquisition didn’t instantly reply to a Reuters request for remark.
Reporting by Radhika Anilkumar in Bengaluru; Modifying by Shailesh Kuber
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