Latham Advises on the Creation of Spaxs

New Special Purpose Acquisition Company is the first in Italy with an investment strategy focusing solely on the financial services sector.

01 February 2018

Latham & Watkins has advised Banca IMI and Credit Suisse, as Joint Global Coordinators, and Equita SIM, as Joint Bookrunner, in connection with the creation of Spaxs, a new Special Purpose Acquisition Company (SPAC) listed on AIM Italia. The offering received orders for €760 million and closed at €600 million.

Founded by former Italian Government Minister and CEO of Intesa Sanpaolo and Poste Italiane Corrado Passera, together with former head of non-performing loans (NPLs) at Banca Ifis Andrea Clamer, Spaxs is the first Italian SPAC with an investment strategy focusing solely on the financial services sector. Spaxs will use the net proceeds from the offering to fund the combination with, and subsequent capitalization of, a target company operating in the financial services sector. The company is aiming to create a new financial services provider for small and medium-sized enterprises in the NPL and digital financial services sectors.

The Latham & Watkins team was led by Milan corporate partners Antonio Coletti and Ryan Benedict, with associates Irene Pistotnik, Guido Bartolomei, and Marta Negro.

 
 
Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.