European SPACs Data Hub

The huge surge in IPO fundraising by special purpose acquisition companies (SPACs) on US stock exchanges may be showing the first signs of slowing down, but momentum behind European SPAC activity is only just starting to gather pace.

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Overview

European SPAC sponsors are increasingly turning to domestic stock exchanges to launch IPOs rather than defaulting to US bourses.

While US SPAC fundraising has shown signs of slowing down in recent months, as US regulatory scrutiny and action has intensified, European SPAC activity has continued to rise as investors recognise the participation of higher-quality sponsors and the benefits of listing domestically when eyeing European deal targets.

The White & Case European SPACs Data Hub highlights the key datapoints behind SPAC IPO and De-SPAC M&A trends in Europe on a monthly basis.

Click here to download the full SPAC data

 

European SPAC Data & statistics roundup

European SPAC IPOs

These statistics track the SPAC IPOs that have listed on European Stock Exchanges from 1 January 2019 to 31 July 2021.

Annual breakdown of European-listed SPAC IPOs

This chart shows the breakdown of annual SPAC IPOs listed on European Stock Exchanges by value and volume.

Year

Number of issues

Market share (%)

2019

5

14

2020

4

12

2021

26

74

Total

35

100

Source: Refinitiv, an LSEG business

 

Issuer nation by number of SPAC listings

This chart shows the nation of the issuer by number of listings for the period from 1 January 2019 to 31 July 2021.

Issuer nation

Number of issues

Market share (%)

United Kingdom

8 23

Netherlands

7 20

France

6 18

Italy

4 11

Luxembourg

4 11

Sweden

4 11

Cayman Islands

1 3

Finland

1 3

Total

35 100

Source: Refinitiv, an LSEG business

 

Issuance stock exchange by number of SPAC listings

This chart shows the number of SPAC IPO listings on European Stock Exchanges by number, by year.

01 January 2021 to 31 July 2021

Primary exchange nation

Number of issues

Market share (%)

Netherlands

10 38

France

4 15

Sweden

4 15

Germany

3 12

Italy

2 8

United Kingdom

2 8

Finland

1

4

Total

26 100

Source: Refinitiv, an LSEG business

 

Full-year 2020

Primary exchange nation

Number of issues

Market share (%)

United Kingdom

2 50

France

1 25

Netherlands

1 25

Total

4 100

Source: Refinitiv, an LSEG business

 

Full-year 2019

Primary exchange nation

Number of issues

Market share (%)

United Kingdom

4 80

Italy

1 20

Total

5 100

Source: Refinitiv, an LSEG business

 

Click here to download the full SPAC data

 

European De-SPAC Data & statistics roundup

European De-SPAC/ business combinations

These statistics track the De-SPAC merges involving a European target from 1 January 2019 to 31 July 2021.

Annual summary of De-SPAC transactions with European target

This chart shows the annual number of De-SPAC mergers with European targets, from 1 January 2019 to 31 July 2021.

01 January 2019 to 31 July 2021

Announcement year

Number of deals

Market share (%)

Deal value (US$M)

2019 

6

12

1,211

2020

13

26

16,495

2021

31

62

48,104

Total

50 100 65,813

Source: Refinitiv, an LSEG business

 

Year-to-date comparison of De-SPAC transactions with European target

This chart shows year-to-date comparison of the number of De-SPAC deals with a European target for 2019, 2020 and 2021.

01 January 2019 to 31 July 2021

Announcement year

Number of deals

Deal value (US$M)

2019

4

573

2020

8

2,358

2021

31

48,104

Source: Refinitiv, an LSEG business

 

Number of De-SPAC deals by target industry

This chart shows the breakdown of De-SPAC deals for European targets by industry volume over the period 1 January 2019 to 31 July 2021.

01 January 2019 to 31 July 2021

Target industry

Number of deals

Market share (%)

Deal value (US$M)

High Technology

12 24 12,135

Financials

8 16 7,590

Healthcare

6 12 6,099

Industrials

6 12 10,808

Consumer Products and Services

4 8 2,304

Materials

4 8 11,774

Media and Entertainment

3 6 5,322

Retail

3 6 9,338

Consumer Staples

2 4 16

Energy and Power

1 2 410

Real Estate

1 2 17

Total

50 100 65,813

Source: Refinitiv, an LSEG business

 

Number of De-SPAC deals by target nation

This chart shows the target nation broken down by the number of De-SPAC deals with a European target over the period 1 January 2019 to 31 July 2021.

01 January 2019 to 31 July 2021

Target nation

Number of deals

Market share (%)

Deal value ( (US$M)

United Kingdom

22 44 28,077

Germany

7 14 6,262

Italy

6

12

521

Luxembourg

4 8 17,614

Netherlands

3 6 3,269

Spain

2 4 522

Cyprus

1

2

2,033

Switzerland

1 2 1,768

Guernsey

1 2 4,750

Norway

1 2 410

Lithuania

1 2 -

Republic of Ireland

1 2 587

Total

50 100 65,813

Source: Refinitiv, an LSEG business

 

Number of De-SPAC deals by acquiror nation

This chart shows the acquiror nation broken down by the number of De-SPAC deals with a European target over the period 1 January 2019 to 31 July 2021.

01 January 2019 to 31 July 2021

Acquiror nation

Number of deals

Market share (%)

Deal value (US$M)

United States

2 46 57,767

United Kingdom

11 22 2,689

Italy

5 10 520

Germany

3 6 -

Cayman Islands

2 4 411

Lithuania

1 2 -

Luxembourg

1 2 1,083

Mexico

1 2 191

Netherlands

1 2 -

Russian Federation

1 2 2,033

Singapore

1 2 1,119

Total

50 100 65,813

Source: Refinitiv, an LSEG business

 

Click here to download the full SPAC data