VT5 launches Switzerland’s first SPAC, eyes tech deals – Reuters

ZURICH, Dec 6 (Reuters) – VT5 Acquisition Company is launching an initial public offering on the SIX Swiss Exchange in Switzerland’s first special purpose acquisition company (SPAC) deal, it said on Monday.

A bookbuilding for up to 200 million Swiss francs ($217 million) will start on Dec. 9, with 177.7 million francs in secured commitments from cornerstone investors including Artemis Group, Point Break Capital LP and sponsor Veraison, as well as anchor investors, it said.

SPACs can be listed and traded on Switzerland’s exchange from Dec. 6, SIX said last month. read more

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VT5 plans to buy one or more businesses within 24 months of listing, it said in a statement.

“Target businesses include technology leaders in Central and Northern Europe and especially the DACH region with a scalable business model, a strong market position as well as attractive growth and profitability prospects,” it added.

Veraison itself will invest 3.5 million francs for Sponsor Class A Shares and an additional 20 million francs at IPO terms.

The IPO comprises up to 20 million Class A Shares accompanied by nearly 6.7 million redeemable warrants at 10 francs per share plus 1/3 of a warrant per share.

Trading of Class A Shares and warrants is expected to start on Dec. 15.

($1 = 0.9218 Swiss francs)

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Reporting by Oliver Hirt and Michael Shields, Editing by Louise Heavens and Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

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