IIAC - SPAC Investindustrial falls on deal to take Italian clothing brand Zegna public

July, 19 2021 02:49 PM Investindustrial Acquisition Corp. Class A

Marco Di Lauro/Getty Images News SPAC Investindustrial Acquisition (IIAC) dropped 3.3% after agreeing to take Italian luxury clothing brand Ermenegildo Zegna Group public in a deal that will value the company $3.2B. The deal is expected to generate gross proceeds of about $880M, consisting of $403M held in trust and a $250M PIPE and a $225M in a forward purchase agreement with Strategic Holding Group S.a.r.k, according to a statement. Upon close of the deal, expected to occur in Q4, the Zegna family will continue to control the company with a stake of approximately 62%. The merger compand will have an enterprise value of $3.2B and a market cap of $2.5B. UBS Investment Bank is acting as exclusive financial advisor to Zegna Group with a team led by UBS Italy Country Head Riccardo Mulone, and as co-lead placement agent on the PIPE. Sullivan & Cromwell is acting as legal advisor to Ermenegildo Zegna Group Recall

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SPAC Investindustrial falls on deal to take Italian clothing brand Zegna public

Company Name:	Investindustrial Acquisition Corp. Class A
Stock Symbol:	IIAC
Market:	NYSE

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