Italian luxury group Zegna plans to list on SPAC on the New York Stock Exchange this year.

On July 19th, Italian luxury goods group Ermenegildo Zegna Group (Zegna) announced a partnership with Italian private equity fund Investindustrial VII L.P. Its special purpose acquisition company Investindustrial Acquisition Corp. (hereinafter referred to as "IIAC") merged and plans to list on the New York Stock Exchange later this year. The $880 million raised included $400m from IIAC and $250 million from PIPE. Once the deal is completed, Investindustrial, an Italian private equity fund, will provide another $225 million. The merger, which will be completed in the fourth quarter of this year, will have an expected initial enterprise value of $3.2 billion and an expected market capitalization of $2.5 billion. After becoming a listed company, the company will still be headquartered in Milan, Italy, the Zegna family will own 62 per cent of the new company, and Gildo Zegna, the third-generation heir to Zegna, will continue to serve as chief executive.

Zegna has 296 stores in 80 countries around the world, and sales are expected to return to 2019 levels this year. In 1991, Zegna opened its first store in China, becoming the first luxury menswear brand to open a store in China. Today, China accounts for 35% of Zegna's global clothing and textile sales. Founded in 1990, Investindustrial is Europe's leading asset management and consulting firm with assets under management of 11 billion euros, focusing on providing medium-sized enterprises with asset management, operational consulting and a global development platform to help enterprises create sustainable value and achieve global expansion.

PSAC shareholders approve the merger between PSAC and Faraday Future

On the evening of July 20, Property Solutions Acquisition Corp. (stock symbol: PSAC) announced the results of 10 proposals considered and voted on by its shareholders at the special meeting held on July 20, 2021. The voting report shows that PSAC shareholders approved the merger between PSAC and Faraday Future (FF, Faraday Future), and the full result of the vote on form 8merk has been filed with the Securities and Exchange Commission. As the deadline for PSAC shareholders to choose to redeem has expired, 99.9 per cent of the funds will remain in PSAC's trust account when the merger of PSAC and FF is completed, and FF will receive about $1 billion upon completion of the merger, and the company's market capitalization is expected to exceed 3.5 billion.

FF common stock PIPE includes more than 30 long-term institutional shareholders from the United States, Europe and China, and PIPE cornerstone investors include large financial institutions from the United States and Europe, the top three private car mainframe factories in China and a developed city in China. The transaction will provide financial support for FF at approximately US $1 billion per PIPE share, valuing the new company at approximately US $3.4 billion after the completion of the merger. The common shares and warrants of the merged company will begin trading on the NASDAQ Stock Exchange around July 22, 2021 under the symbols "FFIE" and "FFIE.WS", respectively.

FF, a Los Angeles-based electric car maker, currently has no revenue and posted operating losses of $110 million in 2019 and $64.94 million in 2020, while net losses were $142 million and $147 million, respectively. As of July 22, U. S. stocks closed at $13.98 a share, with a market capitalization of $4.535 billion. The listing of SPAC mergers and acquisitions means that FF has opened up new financing channels, and Jia Yueting's dream of building a car is about to come true. In the field of electric vehicles, several companies, including Nikola and Fisker, have successfully implemented IPO through SPAC.

Aurora's planned listing of SPAC is the latest high-profile deal.

July 21, autopilot startup Aurora Inc. Plans to merge and list with the special purpose acquisition company (SPAC). SPAC bought Reinvent Technology Partners Y, led by Reid Hoffman, co-founder of LinkedIn, and Mark Pincus, founder of game developer Zynga. The deal values Aurora at about $13 billion and is the latest high-profile deal for SPAC to raise money from Wall Street investors. The proposed transaction is expected to be completed in the second half of 2021 and is subject to customary delivery conditions, including approval from Regency shareholders and Aurora shareholders. The new combined company will be named Aurora Innovation Inc., and will be listed on Nasdaq under the ticker symbol "AUR".

Aurora was founded in 2017 by three industry veterans who worked for Alphabet Inc-CL C, Tesla, Inc. and UBER TECHNOLOGIES INC, respectively. The company has offices in Silicon Valley and Pittsburgh. With experienced leadership teams and roboticists, Aurora was able to attract top talent and quickly rose to fame in Silicon Valley and elsewhere for its rapid progress in self-driving. Chris Urmson, chief executive and co-founder of Aurora, was a pioneer in the development of Alphabet Inc-CL C's first self-driving car, serving as chief technology officer in Alphabet Inc-CL C's self-driving cars division (now Waymo). The other two co-founders of Aurora are Sterling Anderson, chief product officer, and Drew Bagnell, chief technology officer, who once worked on the autopilot and awareness team at UBER TECHNOLOGIES INC's advanced technology center.

Former CEO of CBS will set up a new SPAC

Joe Ianniello, former chief executive of CBS, will set up a new special purpose buyout company (SPAC) on July 23rd, hoping to raise at least $300m in the media and telecoms industries. Prior to this, a number of media companies have announced plans to merge and list SPAC. When large media companies are looking for mergers, they may sometimes consider divesting certain assets, which provides an opportunity for SPAC. For example, at & T (AT&T Inc) agreed to combine its Warner Media (WarnerMedia) division with Discovery (Discovery Inc.) Merge to form a new listed company.

Ianello teamed up with several former CBS executives to form Argos, a team of nine executives headquartered in Manhattan, New York, and executives, including Ianello, who were also initial investors in SPAC. Mr Ianello said Argos' executives had a high profile and rich experience in the industry, which would benefit Argos. He also mentioned that companies involved in live video, live and sporting events may be attractive M & An opportunities, and the digital transformation of media will create many opportunities.