The number of blank-check companies focused on emerging markets has almost tripled in 2021 as investors look for better value overseas
Blank-check companies are venturing to far-flung locales such as Brazil, Israel and Turkey to find attractive merger targets these days.
Special-purpose acquisition companies, or SPACs, explicitly pursuing companies in Asia, Latin America, Eastern Europe, the Middle East and Africa remain a small part of the overall market. But they are growing at a faster clip than their conventional counterparts, according to The Wall Street Journal’s analysis of data from SPAC Research.
Sixty new SPACs focused on emerging markets filed documents with the Securities and Exchange Commission in the first half of 2021, almost triple the number for all of 2020, according to the analysis. The number of non-emerging-market SPACs grew by about 67% to 515 over the same period. The surge coincides with mounting competition that has driven up purchase prices, and a selloff that has buffeted the U.S. SPAC market in recent months.
SPACs are shell firms that raise money on stock exchanges, then merge with private companies and take them public. With so-manyin the U.S., blank-check companies are more likely to overpay or to purchase speculative businesses because they must close deals within two years of launching or give investors their money back. The bidding wars have grown so heated that Wall Street insiders have taken to calling them SPAC-offs.
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