Pegasus Europe announces planned listing on Euronext Amsterdam
Pegasus Europe, a Special Purpose Acquisition Company (SPAC) focused on opportunities in the European financial services industry, today announces key terms of its proposed private placement and its expected admission to listing on Euronext Amsterdam on or around 29 April 2021.
Pegasus aims to raise up to €500 million in IPO proceeds to partner with a financial services company that offers strong profit growth potential, either through consolidation or organic growth that could be accelerated via a listing, access to capital, and strategic guidance. Pegasus will target either unique digital models or companies that benefit from tailwinds in the three verticals of Investment Management, Insurance and Diversified Financials, leveraging on the recognised industry expertise, deal sourcing and execution capabilities of its four sponsors.
The Sponsors of Pegasus today confirmed their significant capital commitment in excess of €165 million to the project. In aggregate, the Sponsors will invest an amount of €55 million in Units at the time of the IPO, demonstrating strong alignment of interest with all shareholders. Tikehau Capital and Financière Agache will make their investments from their permanent capital vehicles.
In addition, a Forward Purchase Agreement of up to €100 million will be unconditionally provided by institutional sponsors Tikehau Capital and Financière Agache which Pegasus may call at the time of a business combination. The Sponsors are also subscribing for Founder Shares and Founder Warrants for a total amount of up to €12.75 million to be used to cover commissions and costs.
Pegasus intends to privately place 50 million Units (each replaceable by a Class A Ordinary Share and 1/3 Warrant) and intends to list and admit to trading on Euronext Amsterdam the Units, Class A Ordinary Shares and Warrants. It is intended the offer period for the private placement will start shortly.
Citigroup Global Markets Europe AG (“Citi”) and J.P. Morgan AG (“J.P. Morgan”) are acting as joint global coordinators and joint bookrunners (the “Joint Global Coordinators”) on the IPO.