Canada markets closed
  • S&P/TSX

    20,173.35
    +8.39 (+0.04%)
     
  • S&P 500

    4,401.46
    -20.84 (-0.47%)
     
  • DOW

    35,058.52
    -85.79 (-0.24%)
     
  • CAD/USD

    0.7935
    -0.0037 (-0.46%)
     
  • CRUDE OIL

    71.89
    +0.24 (+0.33%)
     
  • BTC-CAD

    48,302.14
    +1,110.00 (+2.35%)
     
  • CMC Crypto 200

    898.78
    +22.55 (+2.57%)
     
  • GOLD FUTURES

    1,798.80
    -0.40 (-0.02%)
     
  • RUSSELL 2000

    2,191.83
    -25.09 (-1.13%)
     
  • 10-Yr Bond

    1.2340
    -0.0420 (-3.29%)
     
  • NASDAQ futures

    14,884.75
    -233.00 (-1.54%)
     
  • VOLATILITY

    19.36
    +1.78 (+10.13%)
     
  • FTSE

    6,996.08
    -29.35 (-0.42%)
     
  • NIKKEI 225

    27,970.22
    +136.93 (+0.49%)
     
  • CAD/EUR

    0.6711
    -0.0039 (-0.58%)
     

France's Accor plans to sponsor a SPAC to raise $365 million

·1 min read
FILE PHOTO: The logo of French hotel operator AccorHotels is seen on top of the company's headquarters near Paris

PARIS (Reuters) -Europe's biggest hotel group Accor said on Thursday it planned to sponsor a blank-check firm to target acquisitions in the leisure, lifestyle and food sectors.

The company said in a statement it expected the special purpose acquisition company (SPAC) to raise about 300 million euros ($365.37 million) with a listing on Euronext Paris, adding that its own investment in the SPAC would not be material.

A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held firm, that then becomes publicly traded as a result.

Accor said that SPAC acquisition would benefit from the company's network, scale and global presence.

($1 = 0.8211 euros)

(Reporting by Matthieu Protard and Sudip Kar-Gupta; Editing by Jacqueline Wong and Sherry Jacob-Phillips)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting