The businessmen said in a statement on Sunday that their special purpose acquisition company , named 2MX Organic, would initially looked to raise 250 million euros from investors, but this could rise to 300 million euros.
Niel, best known for founding mobile operator Iliad in France, has already used the format alongside Pigasse to create French media group Mediawan, born out of the country’s first ever SPAC. The businessmen said they would focus on environmentally-friendly consumer companies, such as those that source goods like food locally, a sector that is increasingly attracting shoppers across Europe.
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