Special-purpose acquisition company

A special -purpose acquisition company ( SPAC ) or acquisition purpose company is a shell company, the first collecting capital through an IPO to invest this in a second step in the acquisition of a (previously not been determined) company

Operation

Typically, a SPAC will be launched from a so-called sponsor who invests himself and takes over the management control of SPACs. Many of these sponsors are originally from the private equity sector. In a first step, the SPAC collects money via an IPO, to invest this within a specified time frame ( about 24 months) in one or more acquisitions. First, the collected money will be invested in an escrow account at the risk- free market interest rate. In the given time period, the SPAC acquisitions tried to make, where the acquisition frame is given (in terms of targeted sectors, company size, etc.) in general by the Statute of the SPAC. The goal of an acquisition is to make a company that is not listed on the stock market, publicly traded through the acquisition. Where there is an acquisition, it is submitted to a vote of the General Meeting - agrees the majority of shareholders for the purchase of the company, the purchase will be realized, otherwise it results in the dissolution of the SPAC and repayment of the collected money to the shareholders. If no acquisition is made within the agreed time frame, the SPAC is also dissolved and the shareholders receive the interest on the escrow account invested money back.

Takeover targets

Many takeovers by SPACs are observed in countries such as the USA, China, India and Israel, so. , As in health, transportation, finance, telecommunications and consumer products industries In Germany and Europe, however, there is so far little activity in this area.

Examples

While in the U.S. a number of SPACs were launched, there were in Germany so far only to the support of three SPACs:

• Germany 1 was placed in July 2008 on the exchange and collected a total of € 250 million a In September 2009, Germany1 took over the majority of the manufacturers of power supplies, AEG Power Solutions.
• Helikos was placed in January 2010 and scored a total of 200 million euros a to invest in German medium-sized companies. In summer 2011 Helikos took over the Swiss group of companies Exceet and calls considerate since Exceet Group.
• Europe Cleantech 1 was placed in October 2010 and collected a total of 115 million euros a to invest in so-called cleantech companies ( environmental technology).