{"id":42,"date":"2022-12-14T16:38:35","date_gmt":"2022-12-14T16:38:35","guid":{"rendered":"https:\/\/www.trainy.co\/blog\/?p=42"},"modified":"2022-12-14T16:38:35","modified_gmt":"2022-12-14T16:38:35","slug":"spac-special-purpose-acquisition-company","status":"publish","type":"post","link":"https:\/\/www.trainy.co\/blog\/en\/spac-special-purpose-acquisition-company\/","title":{"rendered":"SPACs: definition and explanation of the phenomenon"},"content":{"rendered":"\n<p class=\"MsoNormal wp-block-paragraph\"><strong>SPACs, or Special Purpose Acquisition Companies,<\/strong> are a big hit in the financial world today. This mechanism by which a listed company takes over, started at the turn of the 1990s in the United States, and in the mid-2000s in Europe. But it is really in the last few years that these companies have flocked to the financial markets, until <strong>creating a speculative bubble on the stock markets in 2021<\/strong>. Let&rsquo;s go back together on this investment method like no other!<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\"><strong>&nbsp; &nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"MsoNormal wp-block-heading\">What is a SPAC?<\/h2>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\">A SPAC is a company created with <strong>the sole purpose of raising capital through an IPO (initial public offering)<\/strong>. The investors, individuals and\/or professionals, are thus <strong>holders of shares of this company<\/strong>, and thus contribute indirectly to a fund. The funds raised are then used <strong>to acquire a third party company, often not listed on the stock exchange<\/strong>. The final objective is therefore the indirect IPO of a non-listed company, through its acquisition by an already listed company, thus avoiding the excessive costs involved in an IPO.<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\"><strong>A SPAC has no operational activity and generally only holds the funds raised during its own IPO<\/strong>. If the planned acquisition does not succeed, the company is obliged to return the funds.<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\">&nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\">&nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"MsoNormal wp-block-heading\">How does a SPAC work in practice?<\/h2>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\">There are generally three key steps:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Creation of the SPAC:<\/strong> The main actors who can launch a SPAC are company managers, investment bankers, investment funds or hedge funds. The latter rely on their reputation in a specific sector or field of activity to raise a maximum of funds from investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. IPO<\/strong>: To manage the IPO efficiently, SPAC&rsquo;s management mandates an investment bank. The latter will be granted a commission of about 10% of the IPO proceeds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Acquisition of the target company<\/strong>: Once the capital has been raised, the management team has approximately 2 years to identify and acquire a target company, whose book value must represent at least 80% of the assets of the SPAC. As mentioned above, this acquisition can be a godsend for the target company, which avoids all the uncertainties associated with a traditional IPO.<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"MsoNormal wp-block-paragraph\"><strong>Read more: <a href=\"https:\/\/www.trainy.co\/en\/blog\/24\/ETF-definition-functioning-how-invest\">ETFs: definition, functioning and how to invest?<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A SPAC (Special Purpose Acquisition Company) is a company created with the sole purpose of raising capital through an IPO (initial public offering) to buy a non-listed company and make it a listed one without having to pay the IPO cost.<\/p>\n","protected":false},"author":3,"featured_media":597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-42","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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