Spac. From the US to Italy

G. Gigante, A. Conso, E. M. Bocchino


“SPAC” , acronym of Special Purpose Acquisition Company, is a listed investment ve-hicle, whose collection on the capital market is intended for one or more investment/in-tegration operations in “target” companies (the “business combination”), within a fixed term, generally between 18 and 24 months.

From 2011 to 2019, SPACs made a positive contribution to the development of Italian financial markets, helping to foster a more evolved and modern financial culture. As of 2019, 29 SPAGs were listed, with total funding of more than €3.8 billion, 22 of which completed the business combination. 2017 was the year of the most widespread in Italy with 10 SPACs admitted to listing and more than €1.7 billion raised, thanks, among other things, to the high liquidity available to institutional investors and a more encouraging regulatory framework for the development of the capital market.

SPACs proved to be a relevant trend for Italian capital markets and for companies looking for capital. The purpose of this essay is to deepen the understanding of the SPACs investment scheme in Italy, shedding some lights on its main characteristics, both from an economic-financial and legal point of view. The analysis is also performed in comparison with some alternative investment models, as private equity investment funds.

the Author

the Authors

Avv. Andrea Conso

Avv. Andrea Conso

Avv. Andrea Conso