Former UniCredit boss Jean-Pierre Mustier is joining forces with France’s richest man Bernard Arnault and former Bank of America investment bank boss Diego De Giorgi to launch a special purpose acquisition company (SPAC) aimed at deals in the European financial services sector.

French investment firm Tikehau Capital is sponsoring the SPAC alongside Mustier, Financiere Agache, a group belonging to Arnault, as well as De Giorgi.

The SPAC will be listed in Amsterdam, and is the first of several being planned by this group, Reuters reported.

Tikehau Capital has about €28.5 billion of assets under management.

Tikehau Capital said in a statement: “This initiative will leverage the recognized industry expertise, deal sourcing and execution capabilities of its four founding sponsors.

“Jean-Pierre Mustier and Diego De Giorgi, two of Europe’s most experienced bankers, will be the operating partners of the company.

“Financière Agache and Tikehau Capital, as strategic and financial sponsors, will bring meaningful resources and support to the company.

“Targets will be aligned to four financial services areas undergoing an accelerated transformation: traditional and alternative asset management platforms, innovative financial technology firms, insurance and insurance related services and diversified financial services companies with strong customer propositions in attractive segments.

“Financière Agache and Tikehau Capital’s founders and investment teams have already collaborated on several deals across various strategies and sectors.

“An affiliate of Financière Agache has been a shareholder of Tikehau Capital for the last 15 years.

“Jean-Pierre Mustier was a partner of Tikehau Capital from January 2015 to July 2016 and has worked closely with Diego De Giorgi on mergers and acquisitions and capital markets transactions for over a decade.

“The four sponsors plan to invest collectively a minimum of 10 per cent of the initial amount raised and to commit to enter into a substantial forward purchase agreement.”