Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Signa Sports reports loss following acquisition of Wiggle Group, and Mercato raises $400M growth fund
Billionaire Benko Writes Off $261 Million at Cycling Unit Wiggle
Austrian real estate investor and billionaire Rene Benko wrote off the expected benefits of a merger with cycling retailer Wiggle Group before injecting more capital into his troubled sports retail business.
The sports retailer Signa Sports United booked a €566 million, or $605 million, loss in the year ending September, in part due to a €244 million impairment on goodwill related to the purchase of cycling retailer Wiggle, according to the annual report of Signa Sports United published Tuesday.
Yucaipa Acquisition Corp. agreed to combine with Signa Sports in a deal with an implied enterprise value of about $3.2 billion.READ
Mercato Partners Raises $400 Million Growth Fund, Traverse Fund IV
Mercato Partners (NASDAQ: MPRA) today announced the final close of Traverse Fund IV, a $400 million growth fund that will be deployed to high-growth, mature technology and branded consumer companies.
Since its founding in 2007, Mercato Partners has raised over $1 billion combined across their venture, growth and buyout practices—Prelude, Traverse and Savory, respectively—and has an active portfolio of 43 investments.READ