French investors plan Paris-listed, energy-focused SPAC

PARIS, June 16 (Reuters) - French businessman Xavier Caitucoli, former investment banker Erik Maris and asset management group Eiffel Essentiel said on Wednesday they plan to list a special purpose acquisition company (SPAC) in Paris to establish a new energy firm.

Named TRANSITION, the SPAC aimed to raise around 200 million euros ($242 million) through the listing, a source close to the matter told Reuters.

TRANSITION's founders said in a joint statement that they aimed to acquire one or more firms recognised in the energy transition sector and headquartered in Europe.

"The objective is to build a new major player, diversified and integrated on the value chain, which will be able to meet the challenges and changes of the energy sector over the next three decades," the founders added.

SPACs, which are more common in the United States, are shell companies that raise funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional initial public offering.

Previous SPACs listed in Paris include French billionaire Xavier Niel's Mediawan, listed in 2016, 2MX Organic, listed last year, and Accor-sponsored (ACCP.PA) Accor Acquisition Company, which was listed in May 2021.

Caitucoli, who co-founded French alternative power supplier Direct Energie, will be TRANSITION's CEO.

Maris is an advisory partner at private equity firm Advent International, having previously co-founded investment banking boutique Messier Maris & Associés.

The third co-founder Fabrice Dumonteil is the founder, Chairman and CEO of Eiffel Investment Group.

($1 = 0.8253 euros)

Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta

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