Italian luxury brand Ermenegildo Zegna said on Dec. 6 it secured an additional investment of up to $125 million to accompany its merger with a blank-check firm, after which Zegna will be a listed company.
The investment, known as a “private investment in public equity” or PIPE, will be limited to the amount of redemptions by shareholders of Investindustrial Acquisition Corp, the special-purpose acquisition company that agreed on July 19 to buy Zegna at a valuation of $3.2 billion. Mergers involving SPACs typically offer investors in the blank-check firm the right to withdraw their funds when a deal closes.
Digital media firm BuzzFeed began trading on the Nasdaq on Dec. 6 after it completed its merger with a SPAC called 890 5th Avenue Partners. BuzzFeed had said on Dec. 2 it would receive about 6%, or $16.2 million, of the SPAC’s funding, after investors opted to withdraw the rest.Buzzfeed employees work at the company's headquarters in New York January 9, 2014. BuzzFeed has come a long way from cat lists.
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