Natalie Bell

Ogier’s Corporate teams in the Cayman Islands, BVI and Hong Kong advised on SPAC listings and de-SPAC deals totalling more than US$7 billion in the first half of 2025, advising on more SPAC IPOs in the US than any other offshore firm.

The resurgence of the special purpose acquisition company (SPAC) market continues, with the first half of 2025 seeing 60 SPAC IPOs completed, a similar number to the 63 in the whole of 2024 (data from Pitchbook).

According to the data, Ogier has a 31% market share by volume of SPAC initial public offerings (IPOs) on US exchanges, including Nasdaq and NYSE, and a 37% market share by volume of de-SPAC transactions.

This puts the firm on track to surpass the US$11 billion of SPAC and de-SPAC deals worked on in 2024, as the US SPAC market continues to ride a wave of deal activity.

Of the SPAC IPOs completed in the first half of 2025, all but two were incorporated in the Cayman Islands with BVI and Nevada being the alternative choices for formation of the issuer. The move away from Delaware has continued into this year.

“International finance centres such as the BVI and Cayman, with their regulatory adaptability and tax-neutral frameworks, offer practical advantages. These jurisdictions remain well-positioned to support sophisticated sponsors and investors in achieving successful outcomes,” said SPAC expert Natalie Bell from Ogier’s Corporate team in the Cayman Islands.

“SPAC IPOs and de-SPACs are often complex transactions requiring careful synchronisation and expertise and our team has the experience and a very real commercial understanding of the SPAC market. Whether it’s from our locations in the Caribbean or Hong Kong, we are able to support sponsors, targets and investors with achieving their strategic objectives with precision.”

So far in 2025, Ogier’s BVI and Cayman SPAC experts across its teams in the Caribbean and Hong Kong have assisted on a number of SPAC listings in the US, including:

• Perimeter Acquisition Corp
• Churchill Capital Corp X
• Berto Acquisition Corp 
• Texas Ventures Acquisition III Corp
• K&F Growth Acquisition Corp II 
• Columbus Acquisition
• Axiom Intelligence Acquisition Corp 1

The team has also advised on numerous notable de-SPAC deals, including:

• JVSPAC Acquisition Corp 
• Churchill Capital Corp IX 
• Colombier Acquisition Corp II
• FST Corp
• Mars Acquisition Corp
• Launch One Acquisition Corp
• Columbus Circle Capital Corp. I

Rachel Huang, partner in Ogier’s Corporate team in Hong Kong, commented:  “2025 has been an exceptionally busy year of SPAC and de-SPAC deals for our Hong Kong-based team. We have been advising sponsors, investors and companies across the Asia market, including in China, Singapore, Malaysia, Thailand, the Philippines, Japan and Korea. Our Hong Kong team is uniquely positioned to bridge the Asian, US, and offshore markets, combining deep experience in cross-border transactions with a clear understanding of the strategic imperatives that drive our clients’ growth ambitions.”

BVI-based partner and SPAC specialist, Michael Killourhy, added:  “Over the past decade Ogier’s BVI SPAC practice has emerged as a cornerstone of the global SPAC market. In 2024 alone, our BVI and Cayman teams advised on more than US$11 billion of SPAC listings and de-SPAC transactions, and we acted on more than one-third of all BVI and Cayman-based SPACs listed so far in 2025.”