Tado does not go public via Spac

Contrary to long-standing plans, the Munich-based thermostat start-up Tado will not be going public via Spac. The company shell already has a new candidate.

After months of negotiations, the Munich-based thermostat start-up Tado will not be going public on the Frankfurt Stock Exchange via Spac. The original plan was for the corporate shell GFJ ESG Acquisition I to merge with the start-up, which was founded in 2011. A valuation of 450 million euros initially seemed possible. In March, this estimate was lowered to 400 million euros - now the deal has finally fallen through.

Tado is still planning an IPO, but no longer with the help of GFJ ESG, said a company spokesperson in an interview with Business Insider. According to her, 2022 will be a record year for the energy-saving start-up. Spac also already has concrete plans: the British building management company Learnd is now to be floated on the stock market. However, there is a potential conflict of interest in this deal, as Capital reports. This is because the initiators of Spac, Florian Fritsch and Josef Brunner, are also Learnd's largest investors.

However, Fritsch has since left Spac and also sold his shares in the British start-up to Brunner. As a result, Brunner now owns 75 percent of the company, which he wants to float on the stock market through the specially initiated Spac. The backers of a Spac have the option of reclaiming their money if they do not like the acquired company.