Global luxury fashion company Lanvin Group and Primavera Capital Acquisition today agreed to eliminate the minimum $350 million cash condition for closing their proposed merger. Additionally, the SPAC said its sponsor surrendered 6 million Class B shares, leaving the sponsor with shares valued at about $5 million.
Primavera shareholders are scheduled to vote on the merger Dec. 9.
The SPAC last month said it had removed the deal’s bonus pool of 3.6 million post-merger shares that were to be contributed by Fosun International, but added $95 million to the PIPE supporting the Lanvin deal.
Primavera in October lowered the per-share price of Lanvin from $3.365773 to $2.6926188. Additionally, the SPAC added a $50 million equity investment by Meritz Securities to its PIPE. Read more.
