• Deutsche Bank Trust and Agency Services appointed escrow agent for Lakestar SPAC I €275m IPO

April 2021

First tech-focused SPAC in Europe listed on Frankfurt Stock Exchange

Deutsche Bank’s Trust and Agency Services (TAS) team is acting as escrow agent for the proceeds raised in context of the listing of Lakestar SPAC I, a special purpose acquisition company (SPAC). TAS will administer the funds until a target company acquisition is completed. This is the first European technology dedicated SPAC and the first deal of this kind that has been listed on the Frankfurt Stock Exchange in more than ten years.

Lakestar SPAC I is sponsored by venture capitalist Klaus Hommels, founder and chairman of Lakestar Advisors, and serves as a blueprint for future SPACs in Europe.

Deutsche Bank’s additional role as joint global coordinator and joint bookrunner also highlights the bank’s cross-divisional and cross-geographical capabilities, providing the IPO execution and cash handling services that SPAC sponsors require. Lakestar SPAC I is Deutsche Bank’s thirteenth SPAC listing of 2021 globally, and the second European-listed SPAC led by the bank in less than three months, further cementing its product leadership in this market. While they have been around for decades, SPACs are increasingly being used to raise money through an IPO for the purpose of acquiring an existing company. In 2020, over $79bn was raised from 256 SPAC IPO’s worldwide and a further $61bn of new capital already raised by March 2021.

Jason Connery, Head of TAS EMEA, said: “As the SPAC phenomenon reaches Europe, Deutsche Bank is at the forefront of this pioneering and rapidly evolving way to raise capital. Servicing and supporting our clients across products, jurisdictions and currencies is at the heart of what TAS and Deutsche Bank do.”