Ian Osborne’s Hedosophia plans Amsterdam SPAC listing

Hedosophia, an investment firm led by British investor Ian Osborne, said on Tuesday that it plans to list a special purpose acquisition company (SPAC) in Amsterdam with a view to buying a technology company.

The company aims to raise 460 million euros ($558 million) by issuing 46 million shares at 10 euros each. It said it plans after listing to buy a technology business principally based in Europe.

Osborne is known for his investment with venture investor Chamath Palihapitiya in space tourism Virgin Galactic Holdings which went public in 2019 in one of the first high-profile SPAC listings.

SPACs are shell companies that raise capital with a view to merging with a target company within two years. They are starting to gain traction in Europe, with Amsterdam emerging as a popular listing venue thanks to a conducive regulatory setup.

London-based Hedosophia has around $250 million under management, and its 12 active investments include Berlin-based online bank N26 and London fintech firm SaltPay, according to venture capital analysis site Pitchbook.

Hedosophia said the non-executive directors in the SPAC include Jochen Engert, CEO of Flixbus, and Jan Kemper, chief financial officer at Omio – both are German-based travel technology startups. Kemper is expected to join N26 later this year.

Goldman Sachs (NYSE:GS) is advising on the deal.

($1 = 0.8239 euros)