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Chris Hughes

Do the Math on a SPAC or Just Follow the Leaders?

Europe’s biggest blank-check deal to date funds a fusion of biotechnology with artificial intelligence. For investors, the key is trusting the people behind it.

Abstract Molecule Background, 3D rendering.

Abstract Molecule Background, 3D rendering.

Photographer: undefined/iStockphoto

It’s tempting to copy someone else’s homework. That also applies to investors behind special purpose acquisition companies.

Shareholders in Amsterdam-listed Odyssey Acquisition SA must decide whether to support the blank-check firm’s merger with U.K.-based BenevolentAI. Assessing whether the biotech is worth its mooted 1 billion-euros ($1.1 billion) enterprise value is an unusually tough job.