The owners of Signa Sports United (SSU) are securing the IPO of the Berlin sports online trading platform in the USA against the possible exit of disappointed investors. The Austrian investor Rene Benko and the financial investor Bridgepoint are ready to put together up to 178 million dollars in shares of the stock exchange novice if necessary, if shareholders of the listed empty company shell (SPAC) Yucaipa return their shares in the planned merger with SSU. "This gives us transaction security for the strategic connection of the two largest online bicycle dealers," said SSU boss-designate Mike Özkan.

Benko, whose Signa group is majority owned by SSU, plans to list the company on the New York Stock Exchange by merging SSU with Yucaipa.

Yucaipa had already raised $ 345 million from investors.

Most recently, a large number of shareholders - including many hedge funds - exercised their right in other SPACs to redeem their shares at a fixed price of $ 10, in some cases up to two-thirds, in the merger with an operating company.

Yucaipa shares traded below $ 9.94 on Monday.

Saudi Arabian sovereign wealth fund involved

New investors bring a total of 372 million dollars of fresh capital with the merger with SSU, 70 million more than previously planned, as Signa Sports confirmed on Monday. Among them is the Saudi Arabian state fund Public Investment Fund (PIF), as insiders had reported. Benko is best known as a real estate investor and owner of the department store group Galeria Karstadt Kaufhof.

SSU uses the stock exchange proceeds to buy the British online bicycle retailer Wiggle, which has annual sales of around $ 500 million.

Its previous owner, Bridgepoint, will also invest in SSU with the IPO.

If Benko and Bridgepoint can do without the margin, Signa will hold 48 percent of the shares, Bridgepoint 5 percent and the remaining SSU shareholders around 20 percent.

They include the Japanese retail group Aeon, the Asian Central Group and the Wiesbaden insurer R + V.

SSU operates a total of more than 100 internet shops in 20 countries, including Fahrrad.de, Tennis Point, Campz and Outfitter.

For fiscal year 2020/21, which ended at the end of September, SSU had expected sales of 1.6 billion dollars.

Yucapia shareholders are due to decide on the merger in early November;

Signa Sports should then be listed on the New York Stock Exchange by the beginning of December at the latest.

The company is valued at around $ 3.2 billion.