Ogier's Corporate team advised on more than US$32 billion of publicly announced SPAC listings and de-SPAC transactions in 2025

Ogier's equity capital markets specialists advised on a significant number of publicly announced Cayman Islands and British Virgin Islands special purpose acquisition company (SPAC) listings and subsequent de-SPAC transactions in 2025, with an aggregate deal value exceeding US$32 billion.

Market activity in 2025 reflected a clear evolution in the global SPAC market, with sponsors and targets increasingly focused on high-quality assets, tighter deal structures and cross-border execution. Offshore jurisdictions such as the Cayman Islands and the British Virgin Islands (BVI) remained the jurisdictions of choice for SPAC activity, driven by their flexibility, regulatory certainty and continued acceptance by global exchanges and investors.

Our Cayman-based deal teams were led by partners Bradley Kruger, Cynthia Anandajayasekeram and Natalie Bell, together with senior associates Laura O'Byrne, Ali Pasley and James O'Sullivan and associates Mike Azarnikow, Scott Parmenter and Wray Sulisz.

Our Hong Kong-based deal teams were led by partners Nathan Powell, Florence Chan, Rachel Huang, Cecilia Li and Janice Chu, together with legal managers Anna Cheung, Chloe Yip, Kingston Tang, Em Lou and Jasmine Chan and paralegals Oliver Lau, Josie Ma and Vicky Wu.

In this snapshot, we share representative transactions led by our deal teams this year. 

SPAC listings

In 2025, Ogier advised on approximately 25% of all SPAC listings on a US exchange, positioning us as one of the market-leading offshore legal advisers in this space:

• General Purpose Acquisition Corp., which raised US$230 million
• Blueport Acquisition Ltd, which raised US$57.5 million
• Westin Acquisition Corp., which raised US$57.5 million
• Calisa Acquisition Corp., which raised US$60 million
• AI Infrastructure Acquisition Corp., which raised US$138 million
• Chenghe Acquisition III Co, which raised US$126.5 million
• Quantumsphere Acquisition Corp, which raised US$82.8 million
• A Paradise Acquisition Corp., which raised US$200 million
• NMP Acquisition Corp., which raised US$100 million
• Oxley Bridge Acquisition Ltd, which raised US$253 million
• Axiom Intelligence Acquisition Corp 1, which raised US$200 million
• BEST SPAC I Acquisition Corp, which raised US$55 million
• Jena Acquisition Corporation II, which raised US$230 million
• Wintergreen Acquisition Corp, which raised US$50 million
• Pelican Acquisition Corp., which raised US$86.25 million
• Armada Acquisition Corp II, which raised US$230 million
• Columbus Circle Capital Corp I, which raised US$250 million
• Wen Acquisition Corp, which raised US$300.15 million
• Churchill Capital Corp X, which raised US$414 million
• Perimeter Acquisition Corp, which raised US$241.5 million
• Lakeshore Acquisition III Corp, which raised US$60 million
• Berto Acquisition Corp, which raised US$300.15 million
• New Providence Acquisition Corp. III, which raised US$300.15 million
• Texas Ventures Acquisition III Corp, which raised US$225 million
• Sizzle Acquisition Corp II, which raised US$230 million
• Quartzsea Acquisition Corp, which raised US$82.80 million
• Live Oak Acquisition Corp V, which raised US$230 million
• NewHold Investment Corp III, which raised US$175 million
• K&F Growth Acquisition Corp II, which raised US$287.5 million
• Columbus Acquisition Corp, which raised US$60 million
• Ribbon Acquisition Corp, which raised US$52.2 million

Recently completed business combinations and de-SPACs

Our teams advised:

• Chenghe Acquisition II Co. on its US$3.6 billion de-SPAC merger with Polibeli Group Ltd, a B2B e-commerce platform headquartered in Indonesia
• Columbus Circle Capital Corp. on its upsized US$250 million listing on Nasdaq and subsequent business combination with ProCap BTC, a bitcoin-focused financial services company – Procap BTC has raised $750 million from investors, including in the business combination with Columbus Circle
• Both Globalink Investment Inc. and Malaysia-based biotechnology company Alps Life Sciences Inc on their business combination with an estimated enterprise value of US$1.6 billion
• YD Biopharma, a biotechnology company advancing DNA methylation-based cancer detection technology and ophthalmologic innovations on its business combination with Breeze Holdings Acquisition Corp, with an estimated combined enterprise value of US$694 million
• Colombier Acquisition Corp. II on its business combination with Metroplex Trading Company LLC
• JVSPAC Acquisition Corp on its 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
• On the business combination of Finnovate Acquisition Corp and Scage International, a pioneering and leading zero-emission solution provider in China, focusing on the development and commercialisation of heavy-duty neighbourhood electric vehicle (NEV) trucks and e-fuel solutions, with an estimated post-combination value of US$1 billion
• Hennessy Capital Investment Corp. VI on its US$800 million business combination with Namib Minerals, the largest African de-SPAC to date
• Webull Corporation on its business combination with SK Growth Opportunities Corporation, which valued the combined business at a pro forma enterprise value of US$7.3 billion
• Gamehaus Inc., a competitive mobile game publisher, on its business combination with Golden Star Acquisition Corporation, with an estimate post-combination enterprise value of US$500 million
• FST Corp, the holding company of Taiwan-based Femco Steel Technology Co Ltd, on its business combination with Chenghe Acquisition I Co
• Mars Acquisition Corp on its business combination with ScanTech Identification Beam Systems, LLC, a leading provider of fixed-gantry CT screening technologies
• AlphaVest Acquisition Corp on its business combination with AMC Corporation, a security and safety technology solutions company

Publicly announced ongoing business combinations and de-SPACs

The team is currently working with clients across industries on their ongoing business combinations and de-SPAC transactions:

• Perceptive Capital Solutions Corp on its Nasdaq listing and is continuing to advise on its proposed US$1.1 billion business combination with Freenome Holdings, an early cancer detection company developing blood-based screening tests
• Embed Financial Group on its proposed business combination with Winvest Acquisition Corp, in a deal that values Embed at a pro forma enterprise value of US$425 million
• GOWell Technology Limited, a leading global innovator in well logging technologies, on its proposed business combination with Maywood Acquisition Corp, a SPAC led and backed by Inflection Point Asset Management – the transaction is valued at a pro forma enterprise value of US$401.4 million
• Churchill Capital Corp X on its Nasdaq listing and proposed US$1.8 billion business combination with Infleqtion, a global leader in neutral atom-based quantum technology
• Churchill Capital Corp IX on its Nasdaq listing and proposed US$1.2 billion business combination with self-driving startup Plus Automation Inc
• A1R Water, a ground-breaking atmospheric water generation company, on its proposed business combination with Nasdaq-listed Inflection Point Acquisition Corp III, in a deal that implies a pro forma combined enterprise value of US$419 million excluding additional earnout consideration
• ClimateRock on its proposed business combination with GreenRock Corp, an energy company specialising in solar photovoltaic, wind power and other renewable energy projects – the transaction is valued at US$446 million

How can Ogier help?

Our cross-jurisdictional SPAC team covers every time zone, delivering targeted, pragmatic advice with absolute clarity. We specialise in the incorporation and listing of SPACs, as well as the subsequent de-SPAC process.

Learn more about our SPAC and de-SPAC services.