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 SPACs continue to tap US markets for liquidity, but increasing numbers of sponsors are now preferring to IPO on European exchanges and avoid the increasingly crowded US SPAC market, which is also facing tighter regulatory oversight from the Securities and Exchange Commission (SEC).

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 30 June 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

18

2020

4

14

2021

19

68

Total

28

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 30 June 2021.

Issuer nation

Number of issues

Market share (%)

United Kingdom

7 25

Netherlands

5 18

France

5 18

Sweden

4 14

Luxembourg

3 10

Italy

2 7

Cayman Islands

1 4

Finland

1 4

Total

28 100

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 30 June 2021

Primary exchange nation

Number of issues

Market share (%)

Netherlands

6 32

Sweden

4 21

France

3 16

Germany

3 16

United Kingdom

1 5

Italy

1 5

Finland

1

5

Total

19 100

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 30 June 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 30 June 2021.

01 January 2019 to 30 June 2021

Announcement year

Number of deals

Market share (%)

Deal value (US$M)

2019 

5

11

1,211

2020

11

24

16,495

2021

29

65

52,848

Total

45 100 70,554

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 30 June 2021

Announcement year

Number of deals

Deal value (US$M)

2019

1

380

2020

6

2,358

2021

29

52,848

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 30 June 2021.

01 January 2019 to 30 June 2021

Target industry

Number of deals

Market share (%)

Deal value (US$M)

High technology

11 24 11,051

Financials

7 16 7,401

Healthcare

6 13 10,416

Materials

4 9 11,774

Media and entertainment

4 9 9,321

Industrials

4 9 8,506

Retail

3 7 9,338

Consumer products and services

3 7 2,304

Energy and power

1 2 410

Real estate

1 2 17

Consumer staples

1 2 14

Total

43 100 70,552

Source: Refinitiv, an LSEG business

 

Number of De-SPAC deals by target 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 30 June 2021.

01 January 2019 to 30 June 2021

Target nation

Number of deals

Market share (%)

Deal value ( (US$M)

United Kingdom

19 42 28,075

Germany

7 16 5,179

Luxembourg

4

9

17,614

Italy

4 9 331

Netherlands

3 7 4,969

Switzerland

2 4 6,085

Spain

2

4

521

Guernsey

1 3 4,750

Cyprus

1 2 2,032

Republic of Ireland

1 2 587

Norway

1 2 410

Total

45 100 70,553

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 30 June 2021.

01 January 2019 to 30 June 2021

Acquiror nation

Number of deals

Market share (%)

Deal value ( (US$M)

United States

24 53 63,783

United Kingdom

8 18 2,687

Italy

4 9 331

Germany

3 7 -

Russian Federation

1 2 2,032

Singapore

1 1 1,118

Cayman Islands

1 2 410

Mexico

1 2 191

Netherlands

1 2 -

Total

45 100 70,552

Source: Refinitiv, an LSEG business

 

Click here to download the full SPAC data