SPAC IPOs take off in Europe

The IPO market may be closed for business in the U.S., but new offerings from special purpose acquisition companies are surging in Europe, as investors are seeing blank-check companies as the perfect place to put money during a bear market.

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Reuters is reporting that total capital raised by SPACs is set to reach $1.4 billion this week in Europe, about 4 times last year's volume. Thus far in 2008, 11 SPACs have listed in Europe with the €600 million ($954 million) Liberty International Acquisition Co. leading the way and a €275 million offering from Germany1 expected to come to market later this week.

European bankers are looking for another five to 10 SPACs to raise money through IPOs in the second half of 2008. - George White
 
See Reuters story
See Dealscape story on Spacs

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