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Hambro Perks planning first ever London Spac listing

By Michele Maatouk

Date: Tuesday 23 Nov 2021

Hambro Perks planning first ever London Spac listing

(Sharecast News) - Venture capital firm Hambro Perks said on Tuesday that it plans to raise up to £150m listing a special purpose acquisition vehicle (Spac) in London.
The Spac - Hambro Perks Acquisition Company - will leverage its full platform, including its international sourcing network, proprietary pipeline, investment team, executive team, board of directors and special advisors "to identify, select and enter into a business combination with a high-performing, later-stage technology-enabled business".

This will be done within an initial period of 15 months from the settlement date, subject to two three-month extension periods.

HPAC will focus on the technology-enabled sector and businesses with principal operations in the UK, a member state of the EEA or Switzerland.

The companies being considered for a combination will have an attractive market in the UK and Europe, it said, differentiation amongst competitors, impressive innovation capabilities, scalable revenues, a strong management team, attractive valuations, a fit for public markets and strong ESG credentials.

HPCA expects to implement a business combination where the valuation of the target business is £800m or more.

This will be the first ever Spac to be launched on the London Stock Exchange following an overhaul of the Financial Conduct Authority's rules on Spacs, which came into effect in August.

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