Skip to content
Subscriber Only

Blank-Check Buyers Set Sights on Corporate Spinouts as Next Prey

  • Ardagh is listing its beverage-can unit via SPAC deal
  • Carveouts can be more complex to list than other SPAC targets
Operations At The Heineken NV Brewery
Photographer: Taylor Weidman/Bloomberg

Blank-check companies, flush with cash and on the hunt for a private business to take public, have started adding corporate carveouts to their list of potential purchases.

The surge in special purpose acquisition companies, which have raised more than $137 billion over the past 12 months, has set off a global search for suitable targets -- usually startups with little revenue or mature companies sitting in private equity portfolios. Now SPACs are also looking at divisions of public companies, with an eye on those that have the potential to be carved out as standalone businesses.