S&C Advises on Significant Number of European SPAC IPOsMay 11, 2021
Special purpose acquisition companies (SPACs) are gaining momentum in Europe after a slow start compared to the United States.
S&C has remained at the forefront of the European SPAC phenomenon, advising on five completed SPACs listed in Europe or formed by European sponsors in 2021 so far, with several others in the pipeline. This pan-European practice – involving France, Germany, Luxembourg, Netherlands and the U.K.– includes work advising both issuers and financial advisors. Selected transaction highlights include:
- Lakestar SPAC I, a SPAC sponsored by Dr. Klaus Hommels of Lakestar Advisors, in its private placement and listing on the Frankfurt Stock Exchange, raising €275 million in February 2021. Lakestar is the first SPAC to list on the Frankfurt Stock Exchange and the largest-ever German SPAC
- Rocket Internet Growth Opportunities, a SPAC formed by Rocket Internet, on its SEC-registered IPO and NYSE listing, which raised €250 million in March 2021
- Tio Tech A, a SPAC formed by Dominik Richter of HelloFresh on its SEC-registered IPO and Nasdaq Capital Market listing, which raised €300 million in April 2021
- OboTech Acquisition, a SPAC sponsored by Obotritia Capital in its private placement and Frankfurt Stock Exchange listing, raising €200 million in April 2021
- 468 SPAC I, a SPAC sponsored by Berlin-based VC fund 468 Capital in its private placement and listing on the Frankfurt Stock Exchange, raising €300 million in April 2021
S&C partners advising on 2021 SPAC deals include: Carsten Berrar, Vanessa Blackmore, Krystian Czerniecki, Olivier de Vilmorin, Jeff Hochberg, John Horsfield-Bradbury, Clemens Rechberger, Konstantin Technau, Davis Wang and Isaac Wheeler.