The SPAC Market is heating up among the service providers too….
It was announced today that the “white shoe” law firm of White & Case LLP, has entered the SPAC business by bringing on a new team of lawyers from Winston & Strawn. The new team, which consists of Joel Rubinstein, Jonathan Rochwarger and Elliott Smith, who will join as partners in New York, and Daniel Nussen, who will join as a counsel in Los Angeles, have worked on numerous SPAC transactions while at Winston. In fact, per the press release, the “Winston team” (now White & Case team) has previously represented clients in more than 35 SPAC IPOs that raised aggregate gross proceeds of more than US$11 billion, and more than 20 SPAC business combination transactions. As such, this is a big move and Winston is probably not too happy about losing their SPAC roster.
However, it is a very smart move for White & Case, since it automatically gives them a footprint within the SPAC legal field. Previously, White & Case had largely stayed away from advising on SPAC transactions, but their new interest in participating in these deals is a testament to the current quality of sponsors and combinations.
Additionally, today’s news could further shake up the legal league tables, since a “name brand”, like White & Case, will probably be an attractive and competitive option for SPAC teams looking for a law firm that can advise on both the front-end (IPO) and back-end (combination) of these deals. Price tag withstanding though since White & Case is sure to be a little pricier.
Nevertheless, as the SPAC market continues on its trajectory of huge growth, we might see additional movement such as this within the law firms and banks. But as for today’s news, this is a great move for the former Winston guys.
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...