A SPAC backed by French telecom billionaire Xavier Niel is holding exclusive talks to buy a retail business selling garden supplies, food and pet-food business, Bloomberg reports.
2MX Organic SA wants to combine with InVivo Retail in a deal that gives the latter an enterprise value of 675 million euros ($750 million). The two believe a combination will help InVivo Retail cement its position in the gardening and pet nutrition markets in France while scaling up its food business at a time of growing demand for locally-sourced products.
2MX raised 300 million euros ($363 million) in December, in what was Europe’s largest blank-check listing of 2021. Read more.
