Ex-Gucci Backer Investcorp Weighs Setting Up UAE SPAC - Bloomberg
Investcorp is considering listing a special purpose acquisition company in the UAE, according to people with knowledge of the matter, boosting momentum for the Middle East’s nascent blank-check market.
The Bahrain-based asset manager, which previously backed luxury brands Tiffany & Co. and Gucci Ltd., is working with banks including Moelis & Co on setting up a regional SPAC that could raise as much as $250 million, the people said, asking not to be identified as the information isn’t public.
Talks are preliminary and Investcorp may still decide against listing a blank-check firm, the people added. Representatives for Investcorp and Moelis declined to comment.
The United Arab Emirates is plowing ahead with creating a SPAC market, even as Wall Street banks beat a hasty retreat from the business in the US as regulatory risks stack up. Poor returns and a slew of pulled deals have also weighed on what had previously been one of the financial industry’s hottest fads.
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