Is Belgium ready for the rise of the SPAC?

How can a SPAC merge with a Belgian target and is a SPAC “made in Belgium” possible?

Special Purpose Acquisition Companies (“SPACs”) have recently gained a boost in popularity on the US markets and the phenomenon appears to be gaining traction in Europe as well. Although encounters with the SPAC structure will at first instance likely be takeovers of European companies by US SPACs, SPACs listed on European markets can be expected to emerge and the structure has already been successful in some European countries. We set out some selected Belgian legal considerations around takeovers of a Belgian target by SPAC and we consider how a SPAC could be structured as a Belgian company and/or listed on Euronext Brussels.

In this newsletter, you will find an answer to the following questions:

  • What is a SPAC?
  • What are special points of attention when a SPAC wants to effect a business combination with a Belgian target?
  • How can a SPAC be structured as a Belgian legal entity?
  • What would be expected focus points of the Belgian regulator when listing a SPAC on Euronext Brussels?

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