The “spac”, a new fashionable financial tool

In the already very crowded “sustainable consumption” market, we will now have to rely on a newcomer, with a somewhat strange name, 2MX Organic.

This is the company created at the end of November by Xavier Niel, founder of Free, Matthieu Pigasse, investment banker, and Moez-Alexandre Zouari, owner of 400 Franprix and Monop ‘stores, also a reference shareholder in Picard frozen foods.

They want to move quickly in order to create the European number 1 for responsible food (organic, local and ethical) and ensure that many investors are already ready to follow them. The three partners plan to buy a company next year, whose name they do not want to reveal for the moment, worth around 2 billion euros, thanks to the money that will be entrusted to them on their reputation alone.

Because 2MX Organic is not a company like the others. It is a spac, acronym for “Special Purpose Acquisition Company”, which can be translated into French as “specific vocation acquisition company”. This financial tool, very popular in the United States, is starting to develop in Europe.

In France, 2MX Organic would be the second spac of its kind. The first was Mediawan, launched in 2016 by Xavier Niel and Matthieu Pigasse, to invest in the media. Through acquisitions, the company has today become one of the European majors in audiovisual fictions.

They want to reproduce the same scenario in food, with the IPO of 2MX Organic, in the coming days, in order to raise funds and then buy a non-listed company. “We already have a target in mind”, says Matthieu Pigasse. The objective is to then aggregate “Distribution and production companies”, assures Xavier Niel.

In the United States, spacs have become the new fad for investors, with around fifty billion dollars raised since the start of the year and 130 companies already created.

The most critical see them as empty shells set up by financial geniuses who would be given a blank check. This type of operation would also be a way for the acquired companies to circumvent the restrictive rules of IPOs, in particular in terms of transparency.


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