SPAC phenomenon helps global M&A break $1 trillion barrier in first quarter
Cazoo founder Alex Chesterman has nailed at least two-thirds of his company's motto
It has been a flying start for global M&A this year with blank-cheque vehicles becoming one of the principal drivers of deal-making.
Special acquisition companies – SPACs – have become the go-to option for firms looking to go public. For targets the vehicles are potentially an easier route to market than a traditional IPO.
The largely US phenomenon has fuelled a rush of deals worth $1.3 trillion in the first quarter, according to figures from Refinitiv. A number of the biggest deals involved a SPAC, with the value of combinations totalling $172bn.