First German Spac successfully launched

Klaus Hommels' shell company was able to raise a three-digit million amount.

The shell company "Lakestar Spac 1" has successfully launched on the Frankfurt Stock Exchange. The investment vehicle launched by start-up investor Klaus Hommels raised the targeted 275 million euros within two days, according to the Handelsblatt reported.

Hummels and his partner Stefan Winners now have two years to find an attractive tech start-up and merge it with the SPAC in order to take it through the back door to the stock exchange. This should have a value of at least 750 million euros. Hommels told Handelsblatt that the interest in his project was a sign of confidence in the opportunities offered by the European tech sector.

Spacs have been popular in the US in particular for some time. These empty corporate shells raised tens of millions there last year. The "Lakestar Spac 1" is the first attempt at the model in Germany for around ten years.