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$3.2 billion valuation for the new enterprise.
Bucking the consolidation trend in the retail industry, the luxury menswear brand will take this route to fuel its expansion in Asia and the United States.
Zegna is a family-owned concern and was founded in 1910. It intends to raise $880 million by combining with the European private equity group
Investindustrial, which former UBS chief executive Sergio Ermotti chairs.
Under the terms of the deal, Zegna will sell a portion of their holdings and retain 62% of the combined company, which is being given an equity value of $2.5 billion.
About $546 million of the funds raised, net of fees, will allow the Zegna family to cash in on a part of their stake. Almost $250 million will be used for investing and acquiring other brands. Gildo Zegna, the 65-year-old chief executive, told the
Designer Zegna to Go Public in SPAC Deal Worth $3.2 Billion
Bloomberg 15 hrs ago Angelina Rascouet
(Bloomberg) Ermenegildo Zegna is listing its shares via a $3.2 billion deal with a blank-check company, letting the Italian fashion house join other luxury brands tapping investor cash while keeping the founding family in control.
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Zegna said Monday it will raise $880 million by combining with Investindustrial Acquisition Corp., a special-purpose acquisition company whose chairman is Sergio Ermotti, former chief executive officer of UBS Group AG. The Zegna family will control 62% of the combined entity and the shares will trade on the New York Stock Exchange.
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