The SPAC market went to the moon last year, as blank-check companies raised a record of more than $160 billion and reaped windfalls for a long list of Big Law firms.
Kirkland & Ellis aided issuers on $15.5 billion worth of deals, Ellenoff Grossman $14.8 billion, and White & Case $10.3 billion, Bloomberg data show. On the underwriters’ side, Davis Polk & Wardwell, Skadden, Arps, Slate, Meagher & Flom, and Ropes & Gray led the way, each handling deals valued around $20 billion.
The process of using special purpose acquisition companies to purchase private concerns and take them public in ...