Deutsche Bank Trust and Agency Services provides escrow solution for GP Bullhound Acquisition I SE €196m IPO
Supporting clients in the SPAC market
Deutsche Bank’s Trust and Agency Services (TAS) team is acting as escrow agent on the €196m IPO of GP Bullhound Acquisition I SE, a tech-focused European special purpose acquisition company (SPAC) that intends to acquire a business in the technology sector with a focus on the software, digital media commerce, fintech and digital services sub-sectors. TAS will administer the funds until a target acquisition is completed
The Bank had additional roles as Joint Global Coordinator and Joint Bookrunner, underlining Deutsche Bank’s strong distribution capabilities in tech equity offering, with this transaction being its sixth SPAC IPO in Europe over the past 18 months, achieving impressive investor demand.
With the world in lockdown, 2021 saw a notable increase in the popularity of SPACs. Recent S&P Global Market Intelligence Data1 shows that a total of 770 SPAC IPOs with more than US$150bn in proceeds raised hit the market in 2021, resulting in a 69% increase in total transactions and 99% increase in proceeds raised from 2020.
Jason Connery, Head of TAS EMEA, said, “SPACs and their sponsors require banking services that complement and accommodate their IPO launch all the way through acquisition close and beyond. As a market leading provider of trust and agency services, Deutsche Bank has the right team and network to support clients with their SPAC transactions across multiple jurisdictions and currencies.”