Pegasus ready to spread its wings in €500m Euronext IPO

Pegasus Europe, the special purpose acquisition company (SPAC) focused on opportunities in the European insurance and financial services industry, has released the key terms of its proposed private placement and its expected admission on Euronext Amsterdam.

Pegasus is expected to list on Euronext on or around April 29, 2021 and aims to raise up to €500 million in IPO proceeds. It will target unique digital models and companies that benefit from tailwinds in insurance, investment management and diversified financials.

Pegasus’ sponsors confirmed their capital commitment of more than €165 million to the project. They will invest €55 million in units at the time of the IPO, with Tikehau Capital and Financière Agache making their investments from their permanent capital vehicles.

A forward purchase agreement of up to €100 million will be unconditionally provided by institutional sponsors Tikehau Capital and Financière Agache, which Pegasus may call at the time of a business combination.

The Sponsors will also subscribe for founder shares and founder warrants for a total amount of up to €12.75 million to be used to cover commissions and costs. Pegasus will privately place 50 million units, each replaceable by a class A ordinary share and one third of a warrant.

Citigroup Global Markets Europe and JP Morgan are acting as joint global coordinators and joint bookrunners on the IPO.

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