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.
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