Entrepreneur René Benko
Numerous properties and the department store group Galeria Karstadt Kaufhof belong to Benko’s Signa group of companies.
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Picture: dpa
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Frankfurt The online sporting goods retailer Signa Sports United (SSU) is choosing a special route for its IPO in New York. The company, which is majority owned by the Austrian investor René Benko, is planning a so-called Spac transaction. This was announced by Signa Sports. The company is to be valued at 3.2 billion dollars.
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A Spac (“special purpose acquisition company”) is a corporate shell that is already listed on the stock exchange and that merges with an unlisted company. In the case of Signa Sports, this is the US company Yucaipa Acquisition.
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“We are opening a new chapter in our highly dynamic growth story,” says Stephan Zoll, head of SSU. The listing on the stock exchange enables Signa to gain further market shares in Europe even faster, to significantly accelerate the expansion of the B2B platform and to aggressively drive international and US expansion.
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