Kirkland & Ellis advised Investindustrial Acquisition Corp., a special purpose acquisition company (SPAC) that will target European companies with an enterprise value between $1 - 5 billion, in connection with its $350 million IPO and the exercise of the underwriters’ $52.5 million over-allotment option, resulting in total gross proceeds of $402.5 million from the IPO. The SPAC will focus on medium-sized businesses in the Consumer, Healthcare, Industrial and Technology sectors.
The SPAC is sponsored by Investindustrial Acquisition Corp. L.P., a limited partnership held by affiliates of the Investindustrial group. The SPAC’s units began trading on the NYSE under the ticker symbol “IIAC.U” on 19 November, 2020.
This is the second IPO of a SPAC completed out of the Kirkland’s European offices. In the U.S., Kirkland is the market leader in SPAC IPOs and has advised on more SPAC M&A transactions than any other law firm this year.
The matter involved close collaboration across Kirkland’s London, New York and Chicago offices. In London, the team was led by capital markets partner Cedric Van den Borren, debt finance partner Neel Sachdev and capital markets associate Serguei Chevtchenko. In New York, the team was led by capital markets partners Christian Nagler and Peter Seligson and associate Mathieu Kohmann. Chicago litigation partner William Pruitt also assisted on the transaction.