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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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REFILE-Pinault and Pigasse join forces on entertainment-focused SPAC

07/14/2021 | 05:26am EDT

PARIS, July 14 (Reuters) - The holding companies of French business billionaire Francois Pinault's family and banker Matthieu Pigasse announced on Wednesday the creation of I2PO, a SPAC aiming to raise an initial 250 million euros ($294.50 million) and target the entertainment industry.

The SPAC will be led by Iris Knobloch, I2PO's chairman and chief executive who built her career at WarnerMedia.

A SPAC, or Special Purpose Acquisition Company, is a shell company with no operational activity whose securities are issued on the stock market for a limited time with the aim of making one or more acquisitions in a particular sector.

Francois Henri Pinault, the son of Francois Pinault, will represent the Pinault family on the board of I2PO, the first European SPAC dedicated to the entertainment and leisure sectors.

I2PO said the initial 250 million euro private placement was part of a listing on Euronext Paris, and could be increased to 300 million euros.

Francois Pinault, whose family holding company Artemis controls luxury group Kering, invested in March in another SPAC set up by former Credit Suisse boss Tidjane Thiam.

In February, Bernard Arnault, the boss of LVMH - Kering's main rival - launched a SPAC with former Unicredit chief executive Jean-Pierre Mustier focusing on the European financial services sector. ($1 = 0.8489 euros) (Editing by Richard Lough and Louise Heavens)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 1.88% 9.11 Delayed Quote.-21.56%
KERING 1.63% 653.3 Real-time Quote.9.91%
LVMH MOËT HENNESSY LOUIS VUITTON SE 1.68% 654.1 Real-time Quote.28.03%
SEOJIN AUTOMOTIVE CO.,LTD. -1.81% 2715 End-of-day quote.-0.55%
UNICREDIT S.P.A. 3.33% 10.992 Delayed Quote.39.10%
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Financials
Sales 2021 22 482 M 24 312 M 24 312 M
Net income 2021 539 M 583 M 583 M
Net Debt 2021 - - -
P/E ratio 2021 43,3x
Yield 2021 1,91%
Capitalization 21 967 M 23 774 M 23 755 M
Capi. / Sales 2021 0,98x
Capi. / Sales 2022 1,00x
Nbr of Employees 49 240
Free-Float 90,9%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 9,11 CHF
Average target price 11,00 CHF
Spread / Average Target 20,8%
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Managers and Directors
Thomas Gottstein Chief Executive Officer
David Richard Mathers Chief Financial Officer
Antˇnio Mota De Sousa Horta-Osorio Chairman
James Walker Chief Operating Officer
Thomas Grotzer Global Head-Compliance
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