Deals

‘Blank-Check’ Deals Get New Look After High-Profile IPO Flops

U.S. SPACs raised record $13.5 billion this year, data showed
DraftKings was latest company to skip IPO for SPAC deal

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By Crystal Tse and Liana Baker

December 23, 2019 at 7:44 PM UTC

This article is for subscribers only.

Move over, IPOs.

Special purpose acquisition companies, once a last resort for owners looking to exit an investment, have become a popular choice for private companies spooked by the swings in the regular IPO market. This helped lead SPAC volumes to their best year yet with a range of top dealmakers from private equity firm TPG to banker Michael Klein getting into the mix.