Special Purpose Acquisition Companies (SPACs) are newly-formed companies that raise capital in an initial public offering (IPO) for the sole purpose of using that capital to acquire assets or, more typically, one or more companies identified after the IPO. SPAC IPOs have increased dramatically during the past four years (33 in 2017, 46 in 2018, 59 in 2019, and 248 in 2020), as operating companies, PE and VC firms, institutional investors and other constituents have recognized the advantages of combining with a SPAC to access the public markets and/or obtain liquidity. In 2019 and 2020, SPAC IPOs outpaced every other industry segment. SPACs can provide a variety of advantages over a traditional IPO or other liquidity alternatives, including:
Business combinations with SPACs, or “deSPAC transactions”, are also complex transactions, with a limited timeframe for completion, thus requiring deep market knowledge and thorough preparation for success.
Goodwin’s experience with SPACs is extensive. Over the last 20 years, our team has completed scores of SPAC transactions, including more than 40 in just the last three years. We advise clients in all aspects of the SPAC lifecycle, including formation and structuring sponsor entities; representing SPACs and SPAC sponsors in IPOs; representing operating companies, their investors and SPACs in deSPAC transactions; structuring the debt and equity financing transactions that are often needed to facilitate the closing of deSPAC transactions; and advising investors in both SPAC IPOs and deSPAC transactions. Goodwin has coined the term "SIPO" to represent the deSPAC transaction process.
Goodwin’s SPAC litigation team is instrumental in discussions around key process and disclosure considerations in connection with SPAC IPOs and SIPO transactions. These litigators work hand-in-hand with the deal team on key steps to limit litigation risk throughout both the SPAC IPO and SIPO transaction process, and have been embedded within our deal teams for years. As regulatory scrutiny increases, it’s more important than ever for companies to select the correct legal partner for these transactions.
Our lawyers have a deep understanding of the legal, business, financial and marketing issues that affect the success of SPACs. Our lifecycle SPAC lawyers take a holistic approach to each transaction by not focusing on a specific phase of the deal, but rather using a forward looking mindset to ensure we are setting these soon-to-be public companies up for success in the global markets. We offer a global team, with lawyers in the U.S., Europe and Asia working collaboratively to assist clients with fast-track cross-border transactions.
In addition to our strong technical knowledge of SPAC IPOs and SIPOs, we have deep industry experience in the key industries that SPACs are focused on, including private equity, life sciences, technology, financial services and real estate. We have also completed SPAC transactions for clients in emerging industries such as fintech, proptech and cannabis. Our industry expertise is unique among law firms, and provides sponsors and operating companies looking to access the public markets and/or obtain liquidity via a SPAC extra advantages.
A selection of Goodwin’s recent experience with SPAC transactions includes representing:
Goodwin is also providing ongoing representation to SPAC sponsors in IPOs and operating companies in deSPAC transactions that are not yet publicly disclosed.
Succeeding in the life sciences industry is as much about strategy and execution as it is about research and development. And with the breakneck pace of technology disrupting industries on a global scale, Goodwin’s depth of experience not only in the life sciences space, but also in collaboration with our technology, healthcare, real estate and private equity lawyers, makes our team exceptionally suited to address whatever the future brings. We partner with clients to embrace the promise and potential of innovation to make a profound and lasting impact.
Goodwin’s fully integrated, globally recognized destination life sciences practice is dedicated to serving the needs of innovators and investors working collaboratively to improve patients' lives. Our team of more than 150 lawyers is devoted to life sciences companies across the entire company lifecycle, and team members are strategically located across the major life sciences hubs in the U.S., Europe and Asia.
In the face of a competitive marketplace, elite private equity firms expect counsel with extensive experience and a stable of blue chip relationships. That’s why private equity firms have been entrusting their deals to Goodwin for decades. We believe our position to be unique within BigLaw given the collaboration of our private equity team with our robust life sciences, technology and healthcare practices. With our largest and strongest practices working together, Goodwin is exceptionally suited to address whatever the future brings.
Our Private Equity team ranks as one of the top in the United States, and we are on a trajectory of rapid ascent, both in the U.S. and abroad. The group is a market leader in the expansive middle market sector, having earned a reputation for notable buyouts, growth equity deals and growth company representations in key sectors such as technology, healthcare, financial and business services, consumer and manufacturing. And with the breakneck pace of technology disrupting industries around the world, we are uniquely positioned to partner with our clients and embrace the promise and potential of innovation.
Rising interest rates? Falling tenant demand? “High-yield” or “value-added”? Across the global real estate capital markets, how you position yourself with respect to risk and return is critical for maximizing your investments. Whether assessing demographic trends and capital flows or anticipating geographic shifts, Goodwin’s Real Estate Industry group offers deep market insight and a practical approach to help you make the most of every investment decision – from private fund formation and all types of real estate transactions to REIT and real estate M&A, we excel at what we do.
Advising the innovators and investors in the growing PropTech space demands a firm with robust practices in both the real estate industry and the technology sector.
Goodwin’s groundbreaking PropTech practice, the first of its kind among leading global law firms, combines the legal experience and market savvy of its real estate industry group with its innovative and entrepreneurial technology companies practice to total more than 350 lawyers facing the market.
Through our strong relationships in the Real Estate and Tech space, from London to Frankfurt and Paris across the United States and Hong Kong, we can help make the right connections – not just to connect the dots but to help make decisions that prepare your business for what may come.
Technology has permeated the modern age and influences nearly every aspect of our daily lives. Long-standing financial services institutions are a prime example of how far the technological revolution has reached. Brick and mortar financial institutions are facing new disruptive competitors in everything ranging from mobile and peer-to-peer payments to online banking and lending. Fintech companies are receiving record high investments across the globe and the market is thriving at an unparalleled pace. With new regulatory considerations developing in tandem, it is crucial for a successful Fintech company to have expert legal counsel that is fully apprised of all the newest developments, such as GDPR in Europe, and how they affect the industry.
More than 400 public companies trust Goodwin to serve as their counsel in a variety of corporate and litigation matters. We are primary outside counsel to public companies in many different industries, of all different sizes, and listed on both U.S. and non-U.S. exchanges. We help clients achieve their business strategies; meet high standards of transparency in disclosure, corporate governance and executive compensation; manage effective investor relations programs; and build credibility through disciplined interaction with capital markets participants, security holders, regulators, employees, ratings agencies, the media and the public at large. We integrate with experts from our M&A/Corporate Governance, ERISA & Executive Compensation, Securities Litigation and Tax Practices to provide full service representation for our public company clients.
Succeeding in the life sciences industry is as much about strategy and execution as it is about research and development. And with the breakneck pace of technology disrupting industries on a global scale, Goodwin’s depth of experience not only in the life sciences space, but also in collaboration with our technology, healthcare, real estate and private equity lawyers, makes our team exceptionally suited to address whatever the future brings. We partner with clients to embrace the promise and potential of innovation to make a profound and lasting impact.
Goodwin’s fully integrated, globally recognized destination life sciences practice is dedicated to serving the needs of innovators and investors working collaboratively to improve patients' lives. Our team of more than 150 lawyers is devoted to life sciences companies across the entire company lifecycle, and team members are strategically located across the major life sciences hubs in the U.S., Europe and Asia.
In the face of a competitive marketplace, elite private equity firms expect counsel with extensive experience and a stable of blue chip relationships. That’s why private equity firms have been entrusting their deals to Goodwin for decades. We believe our position to be unique within BigLaw given the collaboration of our private equity team with our robust life sciences, technology and healthcare practices. With our largest and strongest practices working together, Goodwin is exceptionally suited to address whatever the future brings.
Our Private Equity team ranks as one of the top in the United States, and we are on a trajectory of rapid ascent, both in the U.S. and abroad. The group is a market leader in the expansive middle market sector, having earned a reputation for notable buyouts, growth equity deals and growth company representations in key sectors such as technology, healthcare, financial and business services, consumer and manufacturing. And with the breakneck pace of technology disrupting industries around the world, we are uniquely positioned to partner with our clients and embrace the promise and potential of innovation.
Rising interest rates? Falling tenant demand? “High-yield” or “value-added”? Across the global real estate capital markets, how you position yourself with respect to risk and return is critical for maximizing your investments. Whether assessing demographic trends and capital flows or anticipating geographic shifts, Goodwin’s Real Estate Industry group offers deep market insight and a practical approach to help you make the most of every investment decision – from private fund formation and all types of real estate transactions to REIT and real estate M&A, we excel at what we do.
Advising the innovators and investors in the growing PropTech space demands a firm with robust practices in both the real estate industry and the technology sector.
Goodwin’s groundbreaking PropTech practice, the first of its kind among leading global law firms, combines the legal experience and market savvy of its real estate industry group with its innovative and entrepreneurial technology companies practice to total more than 350 lawyers facing the market.
Through our strong relationships in the Real Estate and Tech space, from London to Frankfurt and Paris across the United States and Hong Kong, we can help make the right connections – not just to connect the dots but to help make decisions that prepare your business for what may come.
Technology has permeated the modern age and influences nearly every aspect of our daily lives. Long-standing financial services institutions are a prime example of how far the technological revolution has reached. Brick and mortar financial institutions are facing new disruptive competitors in everything ranging from mobile and peer-to-peer payments to online banking and lending. Fintech companies are receiving record high investments across the globe and the market is thriving at an unparalleled pace. With new regulatory considerations developing in tandem, it is crucial for a successful Fintech company to have expert legal counsel that is fully apprised of all the newest developments, such as GDPR in Europe, and how they affect the industry.
More than 400 public companies trust Goodwin to serve as their counsel in a variety of corporate and litigation matters. We are primary outside counsel to public companies in many different industries, of all different sizes, and listed on both U.S. and non-U.S. exchanges. We help clients achieve their business strategies; meet high standards of transparency in disclosure, corporate governance and executive compensation; manage effective investor relations programs; and build credibility through disciplined interaction with capital markets participants, security holders, regulators, employees, ratings agencies, the media and the public at large. We integrate with experts from our M&A/Corporate Governance, ERISA & Executive Compensation, Securities Litigation and Tax Practices to provide full service representation for our public company clients.
