The first Guernsey Special Purpose Acquisition Company has listed on Euronext in Amsterdam.
Germany1 intends to acquire one or more operating businesses based in Germany, Austria or Switzerland, at valuations between €1.0bn and €3.0bn.
The SPAC structure exists to enable public investors to undertake private equity-type investment. The Germany1 initial public offering raised €250m from an investor base including family offices and mutual funds. The flotation was advised by Guernsey law firm Carey Olsen.
Difficult market conditions have meant the SPAC structure has not yet taken off in Europe, although it is seen as mainstream in the US.
Peter Niven, chief executive of Guernsey Finance, commented: “It is great news that Guernsey has been able to record yet another successful first and in such difficult market conditions. This enhances our reputation for providing an excellent home to SPAC companies and a domicile from which funds can be speedily listed on Euronext.”
£1bn business since inception
Considered doing so in 2015
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