SUBSPAC

The Daily Dish (09/22/21)

Credit Suisse Hiring European Dealmakers in Anticipation of Strong Demand

Credit Suisse is building a team of SPAC dealmakers in Europe as it anticipates a wave of SPAC Mergers in the region despite a slowdown on Wall Street.

The Swiss Investment Bank has been hiring bankers with expertise in SPACs in London, who will work under Omri Lumbroso, who has been leading the firm’s SPAC business in Europe, The Middle East, and Africa. In addition, the firm has hired former Citigroup banker Anurag Agarwal as VP of SPACs and is also recruiting others to the team.

Europe has not escaped the slowdown in SPACs, with the last significant SPAC to hit the region being the $325 million listing of I2PO in Paris in July.

JPMorgan currently leads the rankings of investment banks working on SPAC IPOs in EMEA, with nine deals worth a combined $1.5 billion. Goldman Sachs, Citigroup, and Deutsche Bank follow in the league tables, while Credit Suisse ranks fifth.


eToro Postpones $10.4 Billion SPAC Deal to Q4

Israeli trading platform eToro has decided to delay its SPAC merger with FinTech Acquisition Corp V to the fourth quarter, missing its initial deadline of September 30th.

The company, which is valued at $10.4 billion, said that the deal would be delayed due to the current regulatory hurdles with SPACs.

Under the terms of the deal, eToro will receive a cash injection of $250 million from the SPAC trust and an additional $650 million in PIPE investment from leading investors including ION Investment Group, SoftBank Vision Fund 2, Fidelity Management, and Wellington Management.


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Jefferies Initiates Coverage on SoFi with a Target Price of $25

SoFi is up 3.8% premarket after Jefferies analyst John Hecht initiated coverage with a Buy rating, calling it a ‘Flywheel of Growth Opportunity’. He also set a price target of $25, implying 65% upside potential from current levels.

(VMAC) Amazon Prime and Anghami Collaborate in Saudi Arabia and the United Arab Emirates with Anghami Plus

Amazon and Anghami, have today announced that Amazon Prime members in Saudi Arabia and the UAE can enjoy an exclusive six-months free offer on Anghami Plus, Anghami’s premium paid tier, with their Prime membership. Anghami, the leading streaming platform in the Middle East and North Africa is set to merge with Vistas Media Acquisition to list on Nasdaq at a $220 million valuation.


Micro SPAC’ Seeking Wellness Brands for Merger 

Better For You Wellness is a Mirco-SPAC, which has just raised $30.5 million to acquire wellness brands including services and plant-based personal care products, foods, and beverages.

The SPAC will use infuse the target company with $30 million in cash for future acquisitions and an additional $500,000 in a PIPE investment to cover transaction costs.

The Columbus-based SPAC is currently looking at 15 target companies ranging in value between $1 million and $15 million.

Better for You expects the target company to gain financial backing as well as operations expertise, group purchasing, and a network of strategic relationships.


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