Dealcast: The M&A Podcast SPACs and de-SPAC deals hit comeback trail
Sep 11, 2025
Troy Hooper, Mergermarket’s North America Co-Head of Equity Capital Markets, specializes in IPOs and SPACs. He discusses the revival of SPACs, especially the dual-track de-SPAC deals and their significance in the current market. Learn how liquidity benefits and market uncertainties are driving companies, especially in life sciences and digital assets, to prefer SPAC mergers over traditional IPOs. Hooper also highlights the notable Kyivstar de-SPAC deal, showcasing the evolving landscape of public listings.
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What SPACs And De-SPACs Are
- A SPAC is a Special Purpose Acquisition Company that raises capital via an IPO to merge with a private company.
- A de-SPAC is the merger process that takes the private company public via a reverse merger.
Run A Dual-Track With Bankers
- Bankers run dual-track processes, preparing a private company for an IPO while courting SPAC sponsors simultaneously.
- If a de-SPAC occurs, money raised in the SPAC IPO lands on the target company's balance sheet to fund growth.
Kyivstar's US Listing Example
- Kyivstar Group spun out of a publicly traded company and became the first Ukrainian company to list in the US via a de-SPAC.
- They completed the merger with veteran sponsor Betsy Cohen's SPAC vehicle.