Germany's Rocket Internet aims for SPAC in New York, sources say

Teract SA

09/02/2021 13:49

By Arno Schuetze and Nadine Schimroszik
    FRANKFURT, Feb 9 (Reuters) - German tech investment company
Rocket Internet plans to list a special purpose acquisition
company (SPAC) in New York to tap into investor interest in new
offerings, two people close to the matter said.
    Rocket, led by tech entrepreneur Oliver Samwer, is preparing
to list SPAC shares worth 200 million to 300 million euros ($242
million to $363 million) in a deal organised by investment bank
Citi  C.N , they said, speaking on condition of anonymity. 
    Rocket and Citi were not immediately available for comment.
    SPACs, or blank-cheque firms, typically raise money in an
IPO to pursue an acquisition without telling their investors
which company they will buy. The deal then takes the private
company public.
    The United States has seen a boom in SPCA listings, while
there have been relatively in Europe. So far, stand-outs in
Europe include telecom entrepreneur Xavier Neil's 2MX Organic
 2MX.PA  in Paris, and ESG Core Investments earlier this month
announced plans to list in Amsterdam. urn:newsml:reuters.com:*:nL8N2KA1GF
    Some of the blank-cheque companies backed by European
entrepreneurs, including former Credit Suisse CEO Tidjane Thiam
or Egyptian billionaire Nassef Onsi Sawiris, have chosen to seek
a U.S. listing. 
    Oliver Samwer's Rocket Internet is pursuing a similar
strategy, as he aims for the deeper U.S. market in which
investors are more used to SPACs.
    In January, the amount raised by SPACs globally soared 20
times to $24 billion from a year earlier, Refinitiv data
showed. urn:newsml:reuters.com:*:nL4N2K73KU
    Rocket Internet in September announced plans to delist its
shares, saying it had sufficient access to capital outside the
stock exchange and could better pursue a long-term approach to
investing.
    Investors had long said Rocket Internet would be better off
going private again as it had successfully listed all the major
firms it helped to found, including Delivery Hero  DHER.DE ,
HelloFresh  HFGG.DE  and Home  24H24.DE .
($1 = 0.8267 euros)

 (Editing by Barbara Lewis)
 ((arno.schuetze@thomsonreuters.com; +49 30220133648;))