French investors to list energy-focused SPAC in Paris (updated)

Transition Metals

16/06/2021 10:34

(Adds detail)
    PARIS, June 16 (Reuters) - French businessman Xavier
Caitucoli, former investment banker Erik Maris and asset
management group Eiffel Essentiel SLP announced plans on
Wednesday to invest in energy companies by launching a "SPAC" to
list on the Paris stock exchange.
    The founders of the special purpose acquisition company,
named TRANSITION, said they aimed to acquire one or more firms
recognised in the energy transition sector and headquarted in
Europe.
    "The objective is to build a new major player, diversified
and integrated on the value chain, which will be able to meet
the challenges and changes of the energy sector over the next
three decades," the founders said in a joint statement.
    SPACs, which are more common in the United States, are shell
companies that raise funds to acquire a private company with the
purpose of taking it public, allowing such targets to sidestep a
traditional initial public offering.
    Previous SPACs listed in Paris include French billionaire
Xavier Niel's Mediawan, listed in 2016, 2MX Organic, listed last
year, and Accor-sponsored  ACCP.PA  Accor Acquisition Company,
listed in May 2021.
    Caitucoli, who co-founded French alternative power supplier
Direct Energie, will be TRANSITION's CEO. Co-founder Maris is
Advisory Partner at private equity firm Advent International,
having prevously co-founded investment banking boutique Messier
Maris & Associés.
   The third co-founder Fabrice Dumonteil is the founder,
Chairman and CEO of Eiffel Investment Group.

 (Reporting by Dominique Vidalon
Editing by Sudip Kar-Gupta and Peter Graff)
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))