Amsterdam SPAC can give Gallic bankers M&A boost - Reuters

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A woman waves a French flag in Saint-Mande, near Paris, France, May 5 2020. REUTERS/Benoit Tessier

LONDON, June 30 (Reuters Breakingviews) - Rainmakers Michael and Yoel Zaoui may have pulled off another adroit deal. On Wednesday the founders of eponymous advisory boutique Zaoui & Co announced they were sponsoring a special purpose acquisition company – dubbed Odyssey Acquisition – seeking to raise 300 million euros. Target companies will be focused on European healthcare, telecommunications and media.

The SPAC’s size is a step down for the brothers used to advising on mega-deals such as SoftBank Group’s (9984.T) $40 billion sale of Arm and the $52 billion merger between Peugeot and Fiat Chrysler. Still, it may be a canny way to lock in new deal flow if the big transactions dry up.

Fellow francophone Jean Raby will be the SPAC’s co-chief executive. That marks a return to the Goldman Sachs (GS.N) alum’s dealmaking roots following an awkward exit from French asset manager Natixis (CNAT.PA). Still, the Gallic triumvirate chose to list in Amsterdam rather than Paris. That’s hardly doing La Patrie proud. (By Christopher Thompson)

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Editing by Neil Unmack and Oliver Taslic

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

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