Special purpose acquisition companies are losing their sense of purpose as they fail to link up with promising start-ups and market conditions turn against them.
Wall Street’s Spac mania has subsided and Owen Walker and Sarah White report Europe has not escaped the market’s hangover as the war in Ukraine rages, interest rates rise, regulatory scrutiny intensifies and investors grow warier.
Of the 66 Spacs that listed in Europe since the start of 2020, just 13 have found a company to merge with, according to Dealogic. Of those deals, eight have completed.
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