Clifford Chance
Recent trends in European SPAC IPOs as of April 2022
11 May 2022
SPAC IPOs with listings on European exchanges had a record year in 2021, but the number of listings has slowed in 2022
This client briefing, which is the first in a monthly series of European capital markets briefings, sets out a summary of European SPAC IPOs since July 2021 up to April 2022 and focuses on structural trends in the key commercial terms of European SPAC IPOs.
The key trends discussed in this briefing are:
- European SPAC IPOs continued at a steady pace in the second half of 2021, but the number of deals has decreased in the first months of 2022
- Key deal terms have changed in Europe in line with US SPAC deal structure changes, including shorter maturities, overfunding structures, and a stronger alignment of the promote schedules with SPAC investor interests
- Depending on market and regulatory environments, we expect to continue to see SPAC IPOs launch in Europe in 2022, albeit in a more measured manner
Our European Capital Markets team is happy to further discuss these and other topics with you. Do not hesitate to reach out to one of our team members in Europe.
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