Weekend read: The SPAC bubble is bursting, argues Syz Bank’s investment chief Saturday SPAC special With monetary policies tightening, speculative bubbles are bursting one after the other. SPACs are no exception. As a reminder, a SPAC, or Special Purpose Acquisition Company, is a company with no operational activity – an empty shell – that raises funds on the stock market with the sole objective of making an acquisition or acquisitions. [...]
Richard Branson-backed Spac targets Grove Collaborative in $1.5bn New York IPO deal SPAC IPO Virgin Group Acquisition Corp, a blank-cheque firm backed by billionaire Richard Branson, has jumped on the eco-friendly product craze and targeted Grove Collaborative in a merger to take the “sustainable consumer goods company” public in a $1.5bn deal. In a transaction that is expected to close in the first or second quarter next year, the [...]
Biotech BenevolentAI to make £1.3bn market debut in Europe’s biggest Spac deal Life sciences British biotech BenevolentAI has today agreed to go public at a €1.5 billion (£1.3bn) valuation in Amsterdam via Europe’s largest-ever merger via a special acquisition company (Spac). BenevolentAI’s deal with Odyssey, a blank cheque company founded by dealmaker brothers Michael and Yoel Zaoui, will allow it to raise €390 million (£332 million) ahead of its [...]
Hambro Perks looks to be first out of the gate with £150m London SPAC listing November 23, 2021 VC firm Hambro Perks has today announced it is targeting a listing of up to £150m in London via a special purpose acquisition vehicle (SPAC), in what could make it the first out of the gate since the City watchdog overhauled blank-cheque listing rules. Hambro Perks Acquisition Company – the name of the SPAC – [...]
Ride-hailing firm Gett agrees $1bn SPAC merger with Rosecliff November 10, 2021 Ride-hailing firm Gett enters into a business combination agreement with SPAC Rosecliff Acquisition, valued at $1.1bn.
Ackman of Pershings to relaunch SPAC as damage control from investor lawsuit August 20, 2021 In a letter to the shareholders of the largest SPAC to ever hit the market, billionaire fund manager Bill Ackman said on Thursday he will pursue a relaunch of Pershings, following a lawsuit filed this week by an investor. The lawsuit against Pershing Square Holdings (PSTH) was filed by former US Securities and Exchange (SEC) [...]
Space SPAC: Seraphim-backed satellite firm Spire makes New York debut August 18, 2021 Space investor Seraphim has announced its portfolio company Spire, which provides satellites for space, has debuted on the New York Stock Exchange after becoming the latest space company to close a merger via SPAC. Spire has merged with special acquisition company NavSight Holdings, which valued the satellite firm at $1.6bn in equity. The new combined [...]