The Latest SPAC News and Rumors: July 12, 2021

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Shuaa confirms talks to set up three SPACs, EV startup E.GO and Goldman-backed Echelon Fitness both explore listing options, and former BP CEO plans to list Energy Transition SPAC

Dubai’s Shuaa Confirms Talks to Set Up Three SPACs; Shares Surge

Shuaa Capital PSC said it is in early talks with investment banks to set up three SPACs, confirming a Bloomberg News report from last week.

The Dubai-based financial services firm surged 15% on Sunday, with volumes soaring to 170 times the daily average of traded shares. The stock pared gains to trade up 6% at 10:15 a.m. in Dubai.

Bloomberg reported last week Shuaa, which manages close to $14 billion in assets, had approached banks to set up three SPACs of around $200 million each to pursue deals in the energy, finance, and technology sectors.

German EV Startup E.GO Weighs Listing Options Including SPAC

German EV hopeful Next.e.GO Mobile SE is in talks to go public through a SPAC or an IPO that could value the manufacturer of compact cars for shorter trips at as much as 2 billion euros ($2.4 billion), according to Bloomberg.

The company, saved from insolvency last year, may go through with the plan within the next 12 months, Chairman Ali Vezvaei said in an interview.

Goldman-Backed Echelon Fitness Is Exploring Strategic Options

Workout equipment maker Echelon Fitness Multimedia LLC is exploring strategic alternatives that could value the company at more than $1 billion.

The company tapped an adviser after receiving interest from prospective investors, and is considering options including raising at least $100 million in fresh funding, a sale or a public listing through a merger with a SPAC.

Former BP CEO Plans to List Energy Transition SPAC, Sky Reports

Former BP CEO Tony Hayward is in advanced talks to list SPAC Energy Transition Partners on the Euronext Amsterdam, Sky News reported Saturday.

The company is looking to raise 175 million euros ($208 million) and has hired JPMorgan Chase & Co. to work on the offering, Sky said. An announcement could be published as soon as next week.