Leveraging market-leading capital markets, M&A, private equity, public company, tax, executive compensation, and employee benefits practices, we are well positioned to partner with clients on Special Purpose Acquisition Company (SPAC) initial public offerings (IPOs) and de-SPAC transactions. From the U.S. to Asia, we have experience from all vantage points on the economics and processes of raising SPACs, structuring de-SPAC transactions, including PIPE investments, and post-merger management.
Our team has worked on over 40 SPAC IPO and de-SPAC transactions. We regularly work with sponsors, SPACs and management teams on formation, capital raising, PIPE financings, and M&A, and offer guidance from formation targets through the consummation of a business combination, and beyond. We help clients navigate the numerous SPAC inflection points with the U.S. Securities and Exchange Commission (SEC), investors, and acquisition targets. Our preeminent SEC team, which includes former senior SEC staff members, has the experience necessary to identify and resolve issues efficiently. We also offer deep M&A experience, having handled over 158 M&A transactions in 2020, with a total value of approximately $235 billion.
Our lawyers work as an integrated team on matters involving SPACs worldwide, representing all participants in the SPAC market, including:
SPAC transactions provide sponsors with access to an alternative vehicle to raise capital outside of traditional buyout funds and access to targets that are outside of sponsors’ mandates and seeking to go public. SPAC transactions are also increasingly relevant to private companies as an alternative to an IPO, providing the ability to achieve adaptable and favorable deal terms and capital structures, helping reduce uncertainty in achieving a successful traditional IPO.
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Leading institutional investor, as a long-time investor in Grab Holdings, Inc. (Grab), in connection with Grab’s proposed merger with special purpose acquisition company (SPAC) Altimeter Growth Corp. The transaction values Grab at US$39.6 billion and is expected to be the largest-ever U.S. equity offering by a Southeast Asian company.
SoftBank Group Corp. as the largest investor in WeWork, the leading flexible space provider, in connection with WeWork’s agreement to merge with BowX Acquisition Corp. (NASDAQ: BOWX, BOWXU and BOWXW) (“BowX”), a special purpose acquisition company (SPAC), which will take the company public. The transaction values WeWork at an initial enterprise value of approximately $9 billion.
Anzu Special Acquisition I in its $420 million initial public offering on Nasdaq sponsored by Anzu Partners.
SoftBank Group Corp. as the largest investor in Social Finance, Inc. (SoFi), a leading next-generation financial services platform, in connection with SoFi’s agreements with Social Capital Hedosophia Holdings Corp. V, a publicly traded SPAC, that will take the company public via merger, in a transaction that values the company at $8.65 billion.
Pivotal Investment Corporation II, a publicly traded SPAC, in its $3 billion merger with XL Fleet, a leader in vehicle electrification solutions for commercial and municipal fleets.
Science Strategic Acquisition Corp. Alpha (Nasdaq: SSAAU), a SPAC, in its $310.5 million initial public offering.
Pivotal Acquisition Corp. in its $800 million merger with legal technology company KLDiscovery (prior firm experience).
Ascend Telecom Holdings in its proposed acquisition by ROI Acquisition Corp. II. (prior firm experience)
NRC Group in its $743 million acquisition by Hennessy Capital Acquisition Corp. III. (prior firm experience)
Strike Capital in its acquisition by Sentinel Energy Services, a SPAC. (prior firm experience)
A commercial insurer and reinsurer in its $550 million business combination with a SPAC. (prior firm experience)
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