Investindustrial Acquisition in an 8-K filing said its shareholders voted in favor of combining with Italian fashion group Zegna. The deal was valued at $3.2 billion.
Although 23,368,841 shares were redeemed ahead of the vote, Investindustrial last week disclosed it had secured a $125 million redemption offset to deal with any cash shortfall in its trust.
The SPAC and Zegna said they expect that the aggregate transaction proceeds condition will be satisfied to close the deal.
Zegna maintains a presence in 80 countries through 296 directly operated stores. In 1991, Zegna was the first luxury menswear brand to open in China, and Greater China accounted for 35% of the company’s apparel, accessories and textile revenues in 2019. Read more.
