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  • January 2023
  • Supplement
  • HBS Case Collection

Zaoui & Co. (B): Executing the Odyssey SPAC Transaction

By: Ashish Nanda, Alex Kitsberg and Zack Kurtovich
  • Format:Print
  • | Language:English
  • | Pages:8
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Abstract

In September 2019, founding partners Michael and Yoel Zaoui decided to add principal investing to Zaoui & Co.’s offerings. The case outlines how, over the next two years, Zaoui & Co. pursued the formation of a SPAC, Odyssey Acquisitions, followed by the identification of a target company, BenevolentAI, and the subsequent de-SPACing process that led to the execution of the transaction in April 2022.

Although their initial foray into principal investment was a success, the process proved more arduous and time-consuming than anticipated, diverting considerable attention and resources from Zaoui & Co.’s core M&A advisory business. The brothers were wondering whether Zaoui & Co should (a) continue to aggressively seek principal investing opportunities, or (b) scale back its principal investing efforts, or (c) focus solely on M&A advisory. The choice would have important strategic and organizational implications for the firm.

Keywords

Strategy; Finance; Investment Banking; SPACs; M&A; Mergers and Acquisitions; Europe

Citation

Nanda, Ashish, Alex Kitsberg, and Zack Kurtovich. "Zaoui & Co. (B): Executing the Odyssey SPAC Transaction." Harvard Business School Supplement 723-400, January 2023.

About The Author

Ashish Nanda

Strategy
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More from the Authors
  • Zaoui & Co. (A): Consigliere for High Stakes M&A Transactions By: Ashish Nanda, Alex Kitsberg and Zack Kurtovich
  • Emeritus: Achieving Impact, Providing Access (A) By: Ashish Nanda and Zack Kurtovich
  • SoundCloud: Subscription Streaming? By: Andy Wu and Ashish Nanda
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