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Special Purpose Acquisition Corporations

Special Purpose Acquisition Corporations
Special Purpose Acquisition Corporations
Expertise / Practices / Capital Markets / Special Purpose Acquisition Corporations

In recent years, special purpose acquisition corporations (SPACs) have become a popular investment vehicle among financial sponsors, private equity investors and business owners looking to access public markets. Blakes is at the forefront of the Canadian SPAC market and has intimate knowledge and expertise obtained through its role as counsel to SPACs, underwriters and targets. Blakes was closely involved in the recent amendments to the TSX and NEO SPAC rules and has advised on innovative SPAC structures at each stage of the SPAC life cycle, including:

  • Strategic planning and formation of sponsors

  • Initial public offering of SPACs

  • Transaction financings including PIPEs (private investment in public equity)

  • Qualifying transactions

  • Ongoing capital markets requirements as a public company

Our SPAC team draws on Blakes leading practices in capital markets, M&A, private equity, corporate governance, continuous disclosure and compliance and tax to provide full-service advice to SPACs, sponsors, underwriters, investors and their targets. Where the SPAC is focused on targets in Canada, we also draw on deep market knowledge and industry experience in key sectors across the country.

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Recent Experience

Counsel to SPACs:

  • Subversive Capital Acquisition Corp. on its qualifying transaction with CMG Partners, Inc. (Caliva) and Left Coast Ventures Inc., (LCV) and partnership with Shawn "Jay-Z" Carter and Roc Nation valued at US$ 1.4B and its US$ 575 million initial public offering.
  • Canaccord Genuity Growth Corp. on its qualifying transaction with Columbia Care Inc. valued at US$1.35-billion and its C$46-million initial public offering.

  • Bespoke Capital Acquisition Corp. on its qualifying transaction with Vintage Wine Estates, Inc. with an enterprise value of US$690-million and its US$360-million initial public offering.

  • NextPoint Acquisition Corp. on its acquisition of Liberty Tax and LoanMe with pro forma combined total enterprise value of US$643 million and its US$200-million initial public offering.

  • Choice Consolidation Corp. on its US$172-million initial public offering.

  • INFOR Acquisition Corp. on its C$200-million initial public offering.

  • Gibraltar Growth Corporation on its C$100-million initial public offering.

Underwriters' Counsel:

  • The underwriters on Osisko Green Acquisition Limited’s C$250-million initial public offering.

  • ​US$225-million initial public offering of Subversive Real Estate Acquisition REIT LP.

  • US$120-million initial public offering of Ceres Acquisition Corp.

  • In connection with the first Canadian SPAC, the C$112-million initial public offering of Dundee Acquisition Corp.

  • C$30-million initial public offering of Canaccord Genuity Acquisition Corp.

Target's Counsel:

  • Sagicor Financial Corporation Limited in connection with its business combination with Alignvest Acquisition II Corporation.

  • Trilogy International Partners LLC on a US$875-million business combination with Alignvest Acquisition Corporation.

  • Stellwagen Group on its acquisition by Acasta Enterprises Inc.