Italy's REVO SPAC aims to raise 200 mln euros for insurance deals

By Reuters Staff
2 Min Read
MILAN, May 10 (Reuters) - Two known Italian business executives said on Monday they would list a 200 million euro ($243 million) special purpose acquisition company (SPAC) in Milan by the end of May to target opportunities in the insurance sector.
A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held company, that then becomes publicly traded as a result.
REVO SPAC was formed by Alberto Minali, the former CEO of Italian insurer Cattolica, and Claudio Costamagna, the former chairman of Italian state lender CDP, and joins a wave of similar listings on Wall Street and more recently in Europe.

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