Pegasus Europe, the biggest blank-check company in Europe, backed by LVMH founder and world’s richest man Bernard Arnault, and former UniCredit chief Jean Pierre Mustier, is set to be wound up after failing to find a target in the financial services sector. Pegasus Europe announced that it will cease operations and is preparing to return capital to its investors at the beginning of May, subject to approval by shareholders, the Financial Times reports. The SPAC floated on the Amsterdam exchange in December 2021, raising 200 million euros ($226 million).
The company is preparing to return capital to its investors at the beginning of May 2023, subject to approval by shareholders. The failure to find a suitable target within the specified timeframe is a risk that SPAC investors face, and this case highlights the potential downside of investing in SPACs.
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