Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Zegna aims for revenue above $2B, India’s Byju’s eyes Chegg or 2U as it weighs US acquisition, and MSP Recovery sees substantial business expansion following SPAC announcement
Italian Luxury Group Zegna Sees Sales Above 2B Euros in Mid-Term
Italy’s Zegna (NYSE:ZGN) is aiming for revenue above 2 billion euros ($2.1 billion) in the medium term, up from the 1.29 billion euros posted last year, the fashion group said on Tuesday at its first Capital Markets Day since its debut on Wall Street in late 2021.
The family-owned group is targeting an adjusted operating profit margin of at least 15% in the mid-term from a level of around 10% achieved in 2021.
Zegna made its debut on the New York Stock Exchange in December after a merger with Investindustrial Acquisition Corp, sponsored by Italian private equity firm Investindustrial and chaired by former UBS chief executive Sergio Ermotti.
READIndia’s Byju’s Eyes Chegg or 2U as It Weighs US Acquisition
Byju’s, an India online education startup, is in discussions to acquire a US target and likely to bid for either Chegg Inc. (NYSE:CHGG) or 2U Inc. (NASDAQ:TWOU), according to Bloomberg.
The Bangalore-based company has held talks with both Santa Clara, California-based Chegg and Lanham, Maryland-based 2U and the total value of a deal could be about $2 billion. Chegg’s market value was $2.3 billion as of Friday’s close, while 2U had a market value of $756 million and more than $1 billion in debt and other liabilities.
The Indian edtech startup has been in conversation with multiple SPACs, about a possible U.S. listing, which is still under consideration.
READMSP Recovery Sees Substantial Business Expansion Since Announcement of Business Combination
MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, and Lionheart Acquisition Corporation II, a Delaware corporation (Nasdaq: LCAP), today announced substantial business expansion through development of additional revenue stream, monetization of assignor interests, growth of assignors and existing business, and continued innovation.
READDNEG Announces Multiyear Visual Effects Services Agreement with Netflix
DNEG, a leading technology-enabled visual effects (VFX) and animation company for the creation of feature film, television, and multiplatform content, announced the signing of a new, multiyear services agreement with Netflix (NASDAQ: NFLX).
The non-exclusive agreement covers the provision of visual effects and virtual production services by DNEG for Netflix series and feature programming. The new agreement extends and expands on a previous agreement that the companies signed in September 2020 and creates a pipeline of Netflix programming work for DNEG through 2025.
DNEG is poised to become a publicly traded company through a merger with Sports Ventures Acquisition Corp (Nasdaq: AKIC), a special purpose acquisition company, that is expected to close in the first half of 2022.
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Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...