German family-owned Schmid Group aims for SPAC listing on NYSE

FILE PHOTO: The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File Photo

FRANKFURT (Reuters) - Germany's Schmid Group said on Wednesday it plans to list in New York via a special purpose acquisition company (SPAC), in a deal estimated to give the technology firm a valuation of $640 million.

The fifth generation family-owned business, which specialises in electronics, would become a publicly-listed company on the New York Stock Exchange in the fourth quarter of this year.