Elite Model World in Talks to Go Public Through SPAC Merger
Elite Model World, which describes itself as the largest model management network in the world, is in talks to go public through a merger with blank-check firmGalileo Acquisition Corp., according to people with knowledge of the matter.
Galileo has held talks with potential investors about raising new equity to support a transaction, said some of the people, who requested anonymity because the discussions are private. A deal hasn’t been finalized and it’s possible talks could collapse.
Representatives for Elite and Galileo didn’t immediately respond to requests for comment.
Elite Model World’s agencies include Elite Model Management, Women Model Management, the Society Management, Supreme Model Management, Stage and 360 Model Management, which together represent more than 3,700 models across 52 countries, according to its website.
It has increasingly diversified its revenue by representing social media influencers, some of whom can earn more from Instagram posts that traditional modeling.
The company is led by Chief Executive Officer Julia Haart, who is married to Chairman Silvio Scaglia.
New York-based Galileo raised $138 million in an initial public offering last year. At the time, it said its target companies included Italian family-owned businesses with a clearly defined strategic to grow in North America. Chief Executive Officer Luca Giacometti has previously led Italian blank-check companies.
— With assistance by Kim Bhasin, and Daniele Lepido
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