Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
SPACs move the party abroad as Europe and Tel Aviv welcome listings
The SPAC Party Gets Going in Europe, This Time With Better Terms
Sponsors are looking to continue the craze elsewhere, and top of the list is Europe, where the number of new SPACs accelerated from February to April, and there’s no sign of growth there abating. “Learning lessons from the U.S., sponsors proceed cautiously to avoid the wrath of regulators.”
Hedosophia European Growth listed in Amsterdam on May 14th, and is led by Ian Osborne, a London-based investor that has previously partnered with Chamath Palihapitiya’s Social Capital for their U.S. listed SPACs.READ
Israel Makes Tel Aviv SPAC-Ready, With Focus on Tech Deals
Israel has established rules to open up the Tel Aviv stock market for SPACs, aiming to join in a boom in these investment vehicles which have raised billions of dollars in the United States.
Anat Guetta, head of the Israel Securities Authority, said the requirements in Israel aim to protect investors without dampening their appetite for SPACs as an alternative fundraising route for local companies.
“It will likely take time for our market to become more sophisticated and reach a place where deals are of a similar profile to Wall Street, and we didn’t want to expose our investors to any harm that without a doubt would be inherent in the learning process,” Guetta told Reuters.READ
GM-Backed Wejo Is in SPAC Merger Talks With Virtuoso
Virtuoso is seeking to raise new equity with an enterprise value of more than $1 billion.READ
Canada’s Algoma Steel Is in Talks To Go Public via Legato SPAC
Legato, led by a management team including David Sgro, Eric Rosenfeld and Brian Pratt, raised approximately $236 million in a January initial public offering. The SPAC has said it will focus on finding a target business in the industrial, renewables, infrastructure, engineering or construction industries.READ
Dubai Investment Firm FIM Partners Considers Raising SPAC
Emerging markets manager FIM Partners is considering listing a SPAC in the U.S., people familiar with the matter told Bloomberg. The Dubai-based investment firm, backed by EFG Hermes, could seek about $250 million. J.P. Morgan is advising.READ