The Latest SPAC News and Rumors: May 17, 2022

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.

India’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.

MSP 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.

DNEG 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.