Pioneer SPAC Seeks to Fill Gap Left by Cash-Strapped PE
- First Finnish SPAC introduces new, long-term ownership model
- Virala Acquisition Company has three years to make a purchase
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Finland’s first blank-check company says it plays a unique role in providing especially fast access to capital, given the limited resources private-equity investors have in the Nordic nation.
Virala Acquisition Company Oyj last month raised 107.5 million euros ($127 million) from investors in an initial public offering in Helsinki, and now has as long as three years to find a mid-cap company to buy. VAC, as the company calls itself, intends to give its target a quick way to fund growth as a public company and avoid having to sell to an industrial buyer, typically foreign, for lack of other options.