Ogier ranks as leading SPAC adviser with deals totalling more than US$7 billion in first half of 2025

Ogier's Corporate teams in the Cayman Islands, BVI and Hong Kong advised on SPAC listings and de-SPAC deals totalling more than US$7 billion in the first half of 2025, advising on more SPAC IPOs in the US than any other offshore firm.

The resurgence of the special purpose acquisition company (SPAC) market continues, with the first half of 2025 seeing 60 SPAC IPOs, a similar number to the 63 in the full year of 2024 (data from Pitchbook).

According to the data, Ogier has a 31% market share of SPAC initial public offerings (IPOs) on US exchanges, including Nasdaq and NYSE, and a 37% market share of de-SPAC transactions.

This puts the team firmly on track to surpass the US$11 billion of SPAC and de-SPAC deals worked on in 2024, as the US SPAC market continues to ride a wave of deal activity.

Of the SPAC IPOs in the first half of 2025, all but two were incorporated in the Cayman Islands with BVI and Nevada being the alternative choices for formation of the issuer. The move away from Delaware has continued into this year.

"International finance centres such as the BVI and Cayman, with their regulatory adaptability and tax-neutral frameworks, offer practical advantages. These jurisdictions remain well-positioned to support sophisticated sponsors and investors in achieving successful outcomes," said SPAC expert Natalie Bell from Ogier's Corporate team in the Cayman Islands.

"SPAC IPOs de-SPACs are often complex transactions requiring careful synchronisation and expertise and our team has the experience and a very real commercial understanding of the SPAC market. Whether it’s from our locations in the Carribean or Hong Kong, we are able to support sponsors, targets and investors with achieving their strategic objectives with precision."

SPAC listings in 2025

So far in 2025, Ogier’s BVI and Cayman SPAC experts across its teams in the Caribbean and Hong Kong have assisted on a number of SPAC listings in the US. Some examples are:

• Perimeter Acquisition Corp – our Cayman team advised on its upsized US$241.5 million IPO on Nasdaq
• Churchill Capital Corp X – our Cayman-based experts advised on its US$414 million Nasdaq listing
• Berto Acquisition Corp – our Cayman team advised on its upsized US$300.15 million IPO on Nasdaq
• Texas Ventures Acquisition III Corp – our Corporate team acted as Cayman Islands legal counsel on its US$225 million IPO on Nasdaq
• K&F Growth Acquisition Corp II – advised on its IPO which raised US$287.5 million
• Columbus Acquisition – our Cayman SPAC experts in Hong Kong advised on its US$60 million Nasdaq IPO
• Axiom Intelligence Acquisition Corp 1 – our Cayman Corporate team advised on the successful completion of its US$200 million IPO

De-SPAC deals in 2025

We have also been advising on many de-SPAC deals, some examples being:

• JVSPAC Acquisition Corp – our Hong Kong team provided BVI legal counsel in its landmark US$2.3 billion de-SPAC merger with Hotel101 Global Holdings Corp, the first Filipino-owned company ever to be listed and traded on Nasdaq
• Churchill Capital Corp IX – provided Cayman Islands legal counsel on its US$1.2 billion business combination with Plus Automation Inc.
• Colombier Acquisition Corp II – our team provided Cayman Islands legal counsel on its business combination with Metroplex Trading Company LLC
• FST Corp – our Corporate team in Hong Kong advised on its business combination with Chenghe Acquisition 1 Co
• Mars Acquisition Corp – our team in Hong Kong provided Cayman legal counsel on its business combination with ScanTech Identification Bea, Systeme LLC
• Launch One Acquisition Corp – our Cayman Islands team is providing advice in connection with its business combination with Minovia Therapeutics
• Columbus Circle Capital Corp. I - our Cayman Islands team is providing advice in connection with the announced $1 billion business combination with ProCap Financial, Inc.

Outlook from our BVI and Hong Kong teams

Rachel Huang, partner in Ogier's Corporate team in Hong Kong, said: "2025 has been an exceptionally busy year of SPAC and de-SPAC deals for our Hong Kong-based team. We have been advising sponsors, investors and companies across the Asia market, including in China, Singapore, Malaysia, Thailand, the Philippines, Japan and Korea.

"Our Hong Kong team is uniquely positioned to bridge the Asian, US, and offshore markets, combining deep experience in cross-border transactions with a clear understanding of the strategic imperatives that drive our clients’ growth ambitions. By working seamlessly with our colleagues in the Cayman Islands and BVI, we continue to deliver pragmatic, commercial advice to help clients navigate the evolving SPAC and de-SPAC landscape."

BVI-based partner and SPAC specialist, Michael Killourhy, added: "Over the past decade Ogier’s BVI SPAC practice has emerged as a cornerstone of the global SPAC market. In 2024 alone, our BVI and Cayman teams advised on more than US $11 billion of SPAC listings and de-SPAC transactions, and we acted on more than one-third of all BVI and Cayman-based SPACs listed so far in 2025. "

How Ogier can help

We manage complexity to help our clients seamlessly navigate all aspects of the SPAC lifecycle, from formation and initial public offering to business combination and beyond.

Our global SPAC team covers every time zone and delivers targeted, pragmatic advice with absolute clarity.

With corporate and fiduciary professionals at Ogier Global, we can also provide comprehensive incorporation, registered office and company secretarial services to SPACs, supporting clients throughout the initial stages up to the acquisition of a target company.