(Bloomberg) -- French billionaire Xavier Niel and two other partners are seeking to raise up to 300 million euros ($360 million) via a vehicle to be listed on the Paris stock exchange to pursue consumer deals with a sustainability angle.Niel, the billionaire behind telecom carrier Iliad SA, Matthieu Pigasse, the investment banker who’s running the Centerview Partners Paris office, and supermarket chain owner Moez-Alexandre Zouari are joining forces for a blank-check firm known as a special purpose acquisition company.2MX Organic -- as the vehicle is called -- is being created to acquire European “targets with main operations in the production and distribution of socially and environmentally responsible consumer goods,” a statement on Sunday said, confirming a Bloomberg News report published on Wednesday. The newly-created company is seeking an initial target worth as much as 2 billion euros, a person familiar with 2MX Organic’s plans said.Niel and Pigasse had already teamed up in 2016 to create a similar vehicle for media acquisitions which led to the creation of Mediawan SA led by Pierre-Antoine Capton.This time, the duo is hoping to close deals in a sector they’re less associated with amid a boom in demand for organic foods in Western Europe. That market grew 14% last year in France alone, according to HSBC.“Consumers are looking for quality, sustainability and traceability. Many now pay particular attention to the means of production and sourcing of the goods they consume,” the statement said.Qualified Investors2MX Organic will sell at least 25 million shares, or units, at 10 euros each, and only qualified investors in and outside France will be able to subscribe, it added. Zouari will become CEO while Pigasse and Niel will be board members.Deutsche Bank AG is acting as global coordinator and joint bookrunner and Societe Generale SA is joint bookrunner.Niel is widely known for his telecom, media, technology and real estate investments. He recently won a corporate governance battle along with Leon Bressler to prevent a 3.5 billion-euro capital increase at mall owner Unibail-Rodamco-Westfield. Investors voted down the plan this month and Niel’s investor group won three seats on the company’s supervisory board.Pigasse also owns media assets in France such as Les Inrockuptibles magazine, Radio Nova and music festival Rock en Seine. Both men also own stakes in the group behind the daily Le Monde. In France, Zouari is known for his investment in frozen-food retailer Picard. Recently, Zouari was hoping to snap up the organic supermarket chain Bio C’Bon which was in receivership but he was trumped by a Carrefour SA bid.Magnates across industries have increasingly turned to SPACs as a way to quickly raise capital for dealmaking. This year, a record $64 billion has been raised in the U.S. for such vehicles, compared with just $786 million across three deals in Western Europe.(Adds bookrunners in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.