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New SPAC raises $200 million on Amsterdam exchange, first in 2022

New SPAC raises $200 million on Amsterdam exchange, first in 2022
New SPAC raises $200 million on Amsterdam exchange, first in 2022   -   Copyright  Thomson Reuters 2022
By Reuters

AMSTERDAM – A special purpose acquisition company or SPAC, Luxembourg-based GP Bullhound Acquisition I SE, raised 200 million euros ($229 million) on Friday on the Amsterdam Euronext, the first SPAC listing on the exchange in 2022.

SPACs are shell companies that raise money in an initial public offering (IPO) and put it in a trust for the purpose of merging with a private company and taking it public.

There were a record 22 SPAC listings on the exchange in 2021.

Bullhound was set up by co-founders Hugh Campbell, Manish Madhvani and Per Roman to buy a software, digital media, digital commerce or fintech company with a value of between 800 million euros and 2 billion euros that operates in Europe or Israel.

“We are excited to find the next tech titan in innovation in the under-served European ecosystem and deliver exponential growth by providing our expertise, capital, and access to the equity capital markets,” the founders said in a statement.

($1 = 0.8728 euros)