Special Purpose Acquisition Companies

Special Purpose Acquisition Companies (“SPACs”) are companies formed to raise capital in an initial public offering (“IPO”) with the purpose of using the proceeds to acquire an operating business or assets to be identified after the IPO. From 2014 through the end of 2020, over 430 SPAC IPOs have closed, raising approximately $114 billion in gross proceeds. Vinson & Elkins has expansive experience forming and representing SPACs in their IPOs and representing both SPACs and target companies in their business combinations and related financings.

From the legal issues impacting SPACs to the business and industry issues that affect their advancement, our team possesses comprehensive knowledge regarding SPAC structures, IPOs and business combinations, and can widely assist parties considering the formation of a SPAC or a SPAC business combination.

For more information, download our SPAC primer, which provides an overview of SPACs, including a comparison to an operating company IPO, their capitalization and economic structure, governance considerations, and the post-IPO target acquisition and subsequent De-SPAC process.

Initial Public Offerings

Switchback III Corporation, a SPAC, in its initial public offering of units (In Registration)
Live Oak Crestview Climate Acquisition Corp., a SPAC, in its initial public offering of units (In Registration)
Kadem Sustainable Impact Corporation, a SPAC, in its $175 million initial public offering of units
Underwriters to AF Acquisition Corp., a SPAC, in its $224 million initial public offering of units
Underwriters to Shelter Acquisition Corporation I, a SPAC, in its initial public offering of units (In Registration)
Decarbonization Plus Acquisition Corporation III, a SPAC, in its $350 million initial public offering of units
First Reserve Sustainable Growth Corp., a SPAC, in its initial public offering of units
Live Oak Mobility Acquisition Corp., a SPAC, in its $253 million initial public offering of units
Underwriters to Power & Digital Infrastructure Acquisition Corp., a SPAC, in $345 million its initial public offering
Spartan Acquisition Corp. III, a SPAC, in its $552 million initial public offering of units
Underwriters to ECP Environmental Growth Opportunities Corp., a SPAC, in its $345 million initial public offering of units
Decarbonization Plus Acquisition Corporation II, a SPAC, in its $403 million initial public offering of units
Underwriters to The Music Acquisition Corporation, a SPAC, in its $230 million initial public offering of units
Queen’s Gambit Growth Capital, a SPAC, in its $345 million initial public offering of units
Switchback II Corporation, a SPAC, in its $316 million initial public offering of units
Spartan Acquisition Corp. II, a SPAC, in its $345 million initial public offering of units
Rice Acquisition Corp., a SPAC, in its $215 million initial public offering of units
Decarbonization Plus Acquisition Corporation, a SPAC, in its $230 million initial public offering of units
Tortoise Acquisition Corp. II, a SPAC, in its $345 million initial public offering of units
Spartan Energy Acquisition Corp., a SPAC, in its $552 million initial public offering of common units
Sentinel Energy Services Inc., a SPAC, in its $345 million initial public offering of common stock
Underwriters to Silver Run Acquisition Corporation II, a SPAC, in its $1.035 billion initial public offering of units
Vantage Energy Acquisition Corp., a SPAC, in its $552 million initial public offering of units
Switchback Energy Acquisition Corporation, a SPAC, in its $300 million initial public offering of Class A common stock

Tortoise Acquisition Corp. II, a special purpose acquisition company with a strategic focus on energy sustainability and decarbonizing transportation, in its $1.4 billion merger with Volta Industries, Inc., an industry leader in commerce-centric electric vehicle charging networks
Decarbonization Plus Acquisition Corporation, a special purpose acquisition company sponsored by an affiliate of Riverstone Holdings, in its $2.1 billion business combination with Hyzon Motors, a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles
TPG Pace Tech Opportunities, a special purpose acquisition company, in its $1.7 million business combination with Nerdy Inc., a direct-to-consumer, curated gig economy platform for live online learning benefiting both learners and experts
EVgo Services, an electric vehicle public fast charging network, in its business combination with Climate Change Crisis Real Impact I Acquisition Corporation, a SPAC
Spartan Acquisition Corp. II, a SPAC sponsored by funds managed by an affiliate of Apollo Global Management, in its $1.3 billion business combination with Sunlight Financial, a premier U.S. residential solar financing platform
TPG Pace Beneficial Finance Corp., a SPAC, in its $1.4 billion business combination with EVBox, a leading global provider of smart charging solutions for electric vehicles
The Lion Electric Company, a leading designer, manufacturer and distributor of all-electric medium and heavy-duty urban vehicles, in its $1.9 billion combination with Northern Genesis Acquisition Corp., a publicly traded ESG-focused SPAC
Switchback Energy Acquisition Corporation, a special purpose acquisition company sponsored by an affiliate of NGP Capital Management, in its $2.4 billion business combination with ChargePoint, a leading electric vehicle charging network (pending)
Spartan Energy Acquisition Corp., a special purpose acquisition company sponsored by an affiliate of Apollo Global Management, in its business combination with Fisker Inc., a developer of eco-friendly electric vehicles
Tortoise Acquisition Corp., a special purpose acquisition company with a strategic focus on the energy sector and decarbonizing commercial transportation in North America, in the merger with Hyliion Inc., a developer and manufacturer of electrified powertrain solutions for Class 8 commercial vehicles that significantly reduce emissions
HighPeak Energy Partners, LP and its affiliates in a $900 million business combination with Pure Acquisition Corp., a SPAC
Nexeo Solutions, a chemicals and plastics distributor and TPG Capital portfolio company, in its $1.575 billion merger with WL Ross Holdings Corp. in a SPAC business combination
Daseke in its $626 million merger with Hennessy Capital Acquisition Corp. II, a special purpose acquisition company, in an all-stock transaction
Crestview Partners as lead investors in the $588 million merger of Matlin & Partners Acquisition Corporation and U.S. Well Services, combining into a publicly listed hydraulic fracturing company
Centennial Resource Production in the approximately $1.39 billion sale of the company, a Natural Gas Partners portfolio company, to Silver Run Acquisition Corporation
KLR Energy Acquisition Corp. in the $445 million combination with Tema Oil and Gas Company to form Rosehill Resources in a SPAC business combination
TPG in its $2.66 billion acquisition of assets from EnerVest in a SPAC business combination
SCF Partners in the $1.1 billion combination of National Energy Services Reunited Corp., a special purpose acquisition company, with National Petroleum Services and Gulf Energy SAOC