US SPAC market makes first moves into Europe
The announcement that UK electric vehicle maker Arrival Group is to merge with Nasdaq-listed CIIG could herald a new wave of SPACs looking at European acquisition targets in the coming years December 15 2020
Much has been made of the rise of the special purpose acquisition company (SPAC) market in the US this year – the records keep falling. Gross proceeds raised by these blank-cheque companies this year alone now amount to well over $50 billion (compared with a seemingly paltry $13.5 billion in 2019 – at the time, a bumper year). We have seen the largest ever SPAC IPO, with Bill Ackman s Pershing Square vehicle raising $4 billion in May.