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Veteran investors' SPAC N2 Acquisition files for a $450 million IPO

March 11, 2021

N2 Acquisition, a blank check company formed by the founders of TOMS Capital and Mariposa Capital, filed on Thursday with the SEC to raise up to $450 million in an initial public offering.

The Miami Beach, FL-based company plans to raise $450 million by offering 45 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, N2 Acquisition will command a market value of $563 million.

The company is led by Co-Chairman Noam Gottesman, the founder and Managing Partner of single-family office TOMS Capital and co-founder of GLG, and Co-Chairman Sir Martin Franklin, the Founder and CEO of Mariposa Capital and Chairman of Royal Oak Enterprises. N2 Acquisition's search for a target company will not be limited to a particular industry or geographic region.

Noam Gottesman previously founded two other London-listed SPACs and a US-based SPAC that listed on the NYSE last year. Nomad Holdings went public in 2014 and acquired Europe-based Iglo and Findus in 2015, changing its name to Nomad Foods and relisting in the US (NYSE: NOMD; +159% from $10 offer price); Landscape Acquisition Holdings went public in 2017 and acquired AP Wireless in 2020, changing its name to Digital Landscape Group (LSE: DLGI; -17%). GO Acquisition (GOAC.U; +5%) raised $500 million in August 2020 and plans to target the travel industry.

N2 Acquisition was founded in 2021 and plans to list on the NYSE under the symbol NTWO.U. Credit Suisse, Citi and UBS Investment Bank are the joint bookrunners on the deal.