SPACs

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 sponsors, including private equity and corporate sponsors in connection with IPOs
  • SPACs in connection with their initial business combination with target companies
  • Target companies in connection with de-SPAC merger combinations
  • SPAC underwriters and financial advisors
  • Issuers, including providing ongoing compliance and transaction counsel after the de-SPAC transaction

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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