European SPACs Data Hub

The summer vacation period through August saw no new IPOs from European SPAC sponsors, but the market for De-SPAC deals involving European targets remained active.

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Overview

European assets continue to attract interest from US SPAC sponsors seeking deal targets beyond their domestic markets, with US sponsors the most active and biggest investors in European De-SPAC deals.

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.

SPAC IPO Activity (PNG)

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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 August 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 August 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 August 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 August 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 August 2021.

01 January 2019 to 31 August 2021

Announcement year

Number of deals

Market share (%)

Deal value (US$M)

2019 

6

11

1,212.95

2020

13

23

16,495.67

2021

37

66

47,693.77

Total

56 100 65,402.39

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.

1 January 2019 to 31 August 2021

Announcement year

Number of deals

Deal value (US$M)

2019

4

573.33

2020

8

2,358.61

2021

37

47,693.77

Total

56 65,402.39

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 August 2021.

1 January 2019 to 31 August 2021

Target industry

Number of deals

Market share (%)

Deal value (US$M)

High Technology

12 21 12,135.50

Financials

10 18 7,592.34

Industrials

6 11 10,807.85

Healthcare

6 11 4,099.38

Materials

4 7 11,774.47

Media and Entertainment

4 7 5,338.36

Consumer Products Services

4 7 2,304.28

Retail

3 5 9,338.00

Energy and Power

3 5 1,296.02

Consumer Staples

2 4 16.05

Telecommunications

1 2 684.31

Real Estate

1 2 16.84

Total

56 100 65,402.39

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 August 2021.

01 January 2019 to 31 August 2021

Target nation

Number of deals

Market share (%)

Deal value ( (US$M)

United Kingdom 25

45

26,614.52

Germany

8 14 6,629.47

Italy

6 11 521.47

Luxembourg

4

7

17,614.21

Netherlands

3 5 3,269.00

Republic of Ireland

2 3 587.00

Spain

2 3 521.68

Guernsey

1 2 4,750.00

Cyprus

1

2

2,032.50

Switzerland

1 2 1,768.23

Russian Federation

1 2 684.31

Norway

1 2 410.00

Lithuania

1 2 -

Total

50 100 65,402.39

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 August 2021.

1 January 2019 to 31 August 2021

Acquiror nation

Number of deals

Market share (%)

Deal value (US$M)

United States

26 46 57,336.90

United Kingdom

13 23 2,691.36

Italy

5 9 519.92

Germany

3 5 -

Cayman Islands

2 3 411.55

Russian Federation

1 2 2,032.50

Singapore

1 2 1,118.59

Luxembourg

1 2 1,083.21

Mexico

1 2 191.68

Jersey

1 2 16.68

Lithuania

1 2 -

Netherlands

1 2 -

Total

56 100 65,402.39

Source: Refinitiv, an LSEG business

 

Click here to download the full SPAC data