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Tikehau's SPAC Pegasus raises €500m

Alessia Argentieri
30 April 2021

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Pegasus Europe, a special-purpose acquisition company (SPAC) launched by Tikehau Capital, has raised €500m in a private placement on Euronext Amsterdam.

Pegaus's shares have been offered at a price of €10 per share.

Citigroup and JP Morgan are acting as joint global coordinators in the placement.

Tikehau launched Pegasus in February 2021, alongside co-sponsors Financière Agache, a luxury goods holding company controlled by Groupe Arnault.

The two financial sponsors were joined by former UniCredit CEO Jean-Pierre Mustier and the former head of global investment banking at Bank of America, Diego De Giorgi, who will be appointed as operating partners of the company.

Tikehau, Financière Agache, Mustier and De Giorgi have committed to invest a total amount in excess of €165m, of which €55m has been deployed in the IPO, and at least €100m will be provided according to an unconditional forward purchase agreement. The sponsors have subscribed for founder shares and founder warrants for a total amount of up to €12.75m to be used to cover commissions and costs.

Tikehau has invested €25m from its balance sheet in the private placement and agreed on a €50m forward purchase agreement that may be called at the time of a business combination.

Following the initial placement, Tikehau and Financière Agache control a stake of 10.6% each, while Pegaus's operating partners control a combined stake of 6.6%.

Pegasus will focus on companies operating across four segments of the financial services sector: traditional and alternative asset management platforms; innovative financial technology firms; insurance and insurance-related services; and diversified financial services with strong customer propositions in attractive segments.

Financière Agache and Tikehau have previously collaborated on several deals across various strategies and sectors. An affiliate of Financière Agache has been a shareholder of Tikehau for the last 15 years.

Mustier was a partner of Tikehau from January 2015 to July 2016 and has worked closely with De Giorgi on several mergers, acquisitions and capital markets transactions.

Tikehau has €28.5bn in assets under management, and specialises in investments across private debt, real estate, private equity and capital markets, as well as multi-asset and special opportunities.