25 November 2021
Clifford Chance advises on the first SPAC to list in London since the FCA's recent rule change
Leading international law firm Clifford Chance is advising Citigroup Global Markets ("Citigroup") as the sole global coordinator and bookrunner on the proposed IPO and London standard listing of Hambro Perks Acquisition Company Limited, a special purpose acquisition company ("SPAC") (the "Company"). The Company is the first SPAC to be launched on the London Stock Exchange with a structure reflecting the FCA's new SPAC rules which came into force on 10 August 2021, which were introduced following recommendations from Lord Hill’s UK Listings Review. Unconditional trading is expected to commence on 30 November 2021.
The Company is sponsored by Hambro Perks Limited (“Hambro Perks”), an international investment firm focused on technology investing, and intends to focus on the technology-enabled sector and businesses with principal operations in the United Kingdom, a member state of the EEA or Switzerland, seeking to leverage its experience and outsourcing capabilities as well as the advice and expertise of its board to create value for its shareholders.
The Clifford Chance team was led by Capital Markets partner Chris Roe (ECM) and US Securities partner Alex Bafi, alongside Capital Markets senior associate James Koessler (ECM) and US Securities counsel Anja Pfleger Andrade. The team also included associate Luke Ng and trainee solicitor Alice Keunen.
The transaction is one of a number of recent high profile and market first SPAC listings and de-SPAC transactions that Clifford Chance has advised on, including: the underwriters on the IPO and Euronext Amsterdam listing of European Healthcare Acquisition & Growth Company, a SPAC targeting an acquisition in the European healthcare sector; Volvo Car Group as the largest shareholder of Polestar, in connection with its announced de-SPAC transaction with Gores Guggenheim Inc.; and Berlin-based travel tech company HomeToGo GmbH on its completed de-SPAC transaction with Frankfurt Stock Exchange-listed Lakestar SPAC I SE, the first successfully signed and closed de-SPAC involving a European listed SPAC and European based target since the new wave of European SPACs began in 2021.