PSPCs take a European turn

This week, two SPACs make their debut on Euronext Paris. Tuesday, Transition took its first steps on the stock market. On Friday it will be DEE Tech’s turn. SPACs (Special Purpose Acquisition Company) are those companies with no operational activity (empty shells) that raise money on the market for the sole purpose of financing acquisitions. In the United States, they have existed for about twenty years but were incredibly successful at the end of 2020, to the point of becoming the leading source of IPOs in New York. In Europe, they have recently arrived. Transition, the first European SPAC dedicated to energy transition, raised 215 million euros; DEE Tech, which plans to target Tech companies, 165 million euros.

In France, DEE Tech is the fifth such investment vehicle to be listed, including the pioneers Mediawan (2016) and 2MX Organic (end of 2020), supported by the trio Xavier Niel, Matthieu Pigasse, and Moez-Alexandre Zouari then Accor’s SPAC at the beginning of June. Other projects are underway, which could lead to the start of the school year.

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