The Ermenegildo Zegna Group lands on the New York Stock Exchange. With Investindustrial Acquisition Corp, a Spac (Special Purpose Acquisition Corporation) promoted by investment company affiliated with Investindustrial VII LP, the luxury group announced that it has reached a definitive agreement aimed at listing on the New York Stock Exchange by the end of the year. The Zegna family will retain control with a stake of approximately 62% while the merged entity will have an expected initial enterprise value of $ 3.2 billion.
” More than 111 years ago, my grandfather and namesake founded Zegna with the belief that attention to the environment, the community and people should be the foundation for creating the finest fabrics and a successful brand – comments the CEO of the Zegna Group, Ermenegildo ‘Gildo’ Zegna -. Since then, we have proudly followed in his footsteps to become an authentic Italian luxury group in the world. Today’s announcement underscores the success of our strategy in constantly focusing on Zegna’s brand equity while continuing to strengthen our heritage, our ethics of sustainability and the uniqueness of craftsmanship that has made our name synonymous with the highest quality and global luxury.
Upon completion of the transaction, the Zegna family will retain control of the Company and we will continue to invest in creativity, innovation, talent and technology to support our leadership in the global luxury market. “
The transaction is expected to be completed in the fourth quarter of this year and is subject to standard regulatory approvals and conditions, as well as the favorable vote of Iiac shareholders. The initial enterprise value, the expected market capitalization at the time of listing and the investment held by the Zegna family incorporate the impact of the Sponsor promote shares of 50% and of the grant shares intended for management that will be issued upon completion of the transaction and assume no redemption by the current shareholders of Iiac; a price of $ 10 per share upon completion of the transaction; no impact on the part of private and public warrants (as they become exercisable at a price of $ 11.50 per share).