The blank cheque boom: Why the market for SPACs is exploding

3/25/21 8:00PM

The SPAC attack

‍The number of companies going public on the US stock market via a special purpose acquisition company (SPAC) has hit almost 300 this year - and it's only the end of March. According to data from SPAC Analytics, there have been 296 companies go public via a SPAC in the US, which greatly outstrips the 56 traditional IPOs.

What exactly is a SPAC? Good explainer here, but if you're short on time it's basically a public shell company with a big blank cheque that buys private companies.

‍FOMO

‍The SPAC boom reflects the state of private markets as much as public, and conditions couldn't be more perfect in both. Startup valuations are near all-time highs and stocks have gained 70% in a year. It's no surprise then that owners want to cash in their shares and investors don't want to get left on the sidelines. With less due diligence, and fewer parties to deal with, SPACs offer a quick solution for everyone.

One particular company, that was unceremoniously rejected by the traditional IPO process back in 2019, has finally got its deal...

‍WeWork is back

‍‍WeWork, a provider of co-working office space, announced this morning that it plans to go public via a merger with Bow Capital in a deal that would value the company at around $9bn. That's a decent outcome for WeWork owners relative to this time last year, but it is still way down on some of the $90-100bn valuation estimates placed on WeWork by the world's largest investment banks when they were trying to court the company 2 years ago.

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Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

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The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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GM has reportedly rehired more than 100 former Cruise employees, 18 months after shuttering the robotaxi unit

GM has rehired more than 100 employees it let go early last year when it shuttered Cruise, its former robotaxi business, according to reporting by The Information.

The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

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