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Special purpose acquisition company (SPAC): Insights for sponsors, investors and companies

The special purpose acquisition company (SPAC) has risen to the top of the business agenda as a means to raise capital for M&A or to bring private companies onto the public markets. 

The SPAC trend looks likely to continue, owing to the extent of "dry powder" in the hands of potential M&A investors and the separation of valuation of the M&A deal from the capital raising.

This collection of insights into developments across Europe, Asia and the United States focuses on current and emerging trends in SPAC listings, SPAC business combinations, key regulatory issues and sheds light on the future of the global SPAC market.

Recent regulatory developments for SPACs

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Belgian Financial Services and Markets Authority (May 2021)

Minimum standards for the structuring, information, disclosure and trading of SPACs on Euronext Brussels

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ESMA guidelines in respect of performance fees in UCITS and certain types of AIFs

Israeli Securities Authority (May 2021)

Principles and terms for the issue of a SPAC in Israel

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UK Financial Conduct Authority (April 2021)

Consultation Paper 21/10: “Investor protection measures for special purpose acquisition companies: Proposed changes to the Listing Rules”

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French Autorité des marchés financiers

French law allows the listing of SPACs while ensuring investor protection

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German Deutsche Börse

Going public – SPACs

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Australian Securities and Investment Commission (ASIC)

Special Purpose Acquisition Companies – are they coming to Australia?

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SPACs: Overview of our services

Our global team of lawyers has extensive experience advising on SPAC transactions in the United States, Europe and the United Kingdom and are the market-leader in the Netherlands, which has emerged as Europe’s centre for SPACs, having advised on most of the successful Dutch SPAC IPOs and business combinations to date.

We regularly assist sponsors, investors and companies entering into a business combination with a SPAC. In doing so, we ensure that the transition from SPAC listing to business combination to full public company status post-merger, is a more transparent and accessible process.

We leverage our full service offering across the wide ranging A&O network (with capabilities in key areas such as capital markets, corporate/M&A, regulatory, funds and asset management) to advise on the full lifecycle of a SPAC.

Recent work

€365 million EU FinTech SPAC lists in Amsterdam


A number of SPACs have recently been listed on Euronext Amsterdam with further deals in the pipeline.

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A successful SPAC IPO on Euronext Amsterdam


A number of SPACs have recently been listed on Euronext Amsterdam with further deals in the pipeline.

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