{"id":575125,"date":"2020-10-04T04:02:27","date_gmt":"2020-10-04T04:02:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/nassef-sawiris-is-getting-on-the-spac-train\/"},"modified":"2020-10-04T04:02:27","modified_gmt":"2020-10-04T04:02:27","slug":"nassef-sawiris-is-getting-on-the-spac-train","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/nassef-sawiris-is-getting-on-the-spac-train\/","title":{"rendered":"Nassef Sawiris is getting on the SPAC train"},"content":{"rendered":"

<\/a> INVESTMENT WATCH- Nassef Sawiris is getting on the SPAC train:<\/strong> Bn\u2019aire Nassef Sawiris\u2019 special purpose acquisition company (SPAC), Avanti Acquisition Corp, priced its initial public offering at USD 600 mn on Friday ahead of listing on the New York Stock Exchange, according to BusinessWire<\/a>. The blank-check company will sell 60 mn units at USD 10 each during the listing, which is expected to close on 6 October. Avanti owner NNS Group \u2014 made up of Sawiris\u2019 family office and Sienna Capital, a subsidiary of USD-bn European investment holding company Groupe Bruxelles Lambert \u2014 will invest another USD 100 mn on top of what is raised during the listing, Bloomberg<\/a> reports, citing sources familiar with the matter.<\/p>\n

Avanti will focus on high-growth family- and founder-led European businesses <\/strong>and will become the largest US-listed SPAC to focus on European acquisitions.<\/p>\n

What\u2019s a SPAC again?<\/strong> Special-purpose acquisition companies are listed entities focused solely on acquiring companies. They exist just to allow the creator to raise money in an IPO on a stock exchange, and don\u2019t actually have commercial operations. Owners drum up interest among institutional investors as they would do ahead of an IPO and then float the SPAC on a stock exchange. After going public, the founders get to work finding companies to acquire. We broke down the whole process in our first Enterprise Explains section<\/a> last month.<\/p>\n

Other SPAC news from the region:<\/strong> Israeli SPAC ION Acquisition Corp raised USD 225 mn when it listed on the NYSE on Friday, becoming the only blank-check company focusing only on targets in the Middle East, Reuters<\/a> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

INVESTMENT WATCH- Nassef Sawiris is getting on the SPAC train: Bn\u2019aire Nassef Sawiris\u2019 special purpose acquisition company (SPAC), Avanti Acquisition Corp, priced its initial public offering at USD 600 mn on Friday ahead of listing on the New York Stock Exchange, according to BusinessWire. The blank-check company will sell 60 mn units at USD 10 […]<\/p>\n","protected":false},"author":1,"featured_media":575126,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[6012,72,3388,1244,439,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-avanti-acquisitions-corporation","tag-enterpriseam","tag-nassef-sawiris","tag-nyse","tag-spacs","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4d23e89e-65af-4f83-adfd-e858834cbb6b","is_powered_by":true,"section_story_id":"376368f9-a898-4dd3-af9e-b6cda3018b9f","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/30.jpg","photo_position":"above","related_issue":[575111],"teaser":"","voice_url":""},"yoast_head":"\nNassef Sawiris is getting on the SPAC train - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/nassef-sawiris-is-getting-on-the-spac-train\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nassef Sawiris is getting on the SPAC train\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT WATCH- Nassef Sawiris is getting on the SPAC train: Bn\u2019aire Nassef Sawiris\u2019 special purpose acquisition company (SPAC), Avanti Acquisition Corp, priced its initial public offering at USD 600 mn on Friday ahead of listing on the New York Stock Exchange, according to BusinessWire. 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Among those shareholders: Nassef Sawiris. Oddly enough, the FT reports, it was Lafarge\u2019s acquisition of Orascom\u2019s contruction arm in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599790,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/egypts-nassef-sawiris-sells-shares-in-switzerlands-lafargeholcim\/","url_meta":{"origin":575125,"position":2},"title":"Egypt\u2019s Nassef Sawiris sells shares in Switzerland\u2019s LafargeHolcim","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"Nassef Sawiris sells USD 68 mn of shares in LafargeHolcim: Nassef Sawiris sold off USD 67.5 mn-worth of shares he holds in the world\u2019s largest, Switzerland-based cement producer LafargeHolcim, the company issued a statement confirming reports, according to Reuters\u2019 Arabic service. 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