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Billionaire Nassef Sawiris and GBL-Backed SPAC Seek European Deals

  • Avanti is set to raise upsized $600 million in NYSE listing
  • Egyptian billionaire targets continent’s family-owned firms
Updated on

Egyptian billionaire Nassef Sawiris and French entrepreneur Ian Gallienne are betting their blank-check company can stand out from a crowded market by focusing on European targets.

Avanti Acquisition Corp., which is set to start trading on the New York Stock Exchange on Friday, is pitching its focus on family and founder-led European targets to investors. So far, it seems to be working: The new vehicle is expected to raise about $600 million, up from the initial target of $500 million, according to people familiar with the matter.