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.
In a press release, Ogier said it had advised on more US SPAC deals than any other offshore firm.
This comes amid a resurgence of the special purpose acquisition company (SPAC) market continues, with the first half of 2025 seeing 62 SPAC IPOs completed, a similar number to the 63 in the full year of 2024, according to Pitchbook.
According to the data, Ogier has a 34% 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.
Of the SPAC IPOs completed in the first half of 2025, nearly all 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 Carribean or Hong Kong, we are able to support sponsors, targets and investors with achieving their strategic objectives with precision.”
SPAC listings in 2025
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. Some examples are:
- Perimeter Acquisition Corp – Ogier’s Cayman team advised on its upsized US$241.5 million IPO on Nasdaq
- Churchill Capital Corp X – Ogier’s Cayman team advised on its US$414 million Nasdaq listing
- Berto Acquisition Corp – Ogier’s Cayman team advised on its upsized US$300.15 million IPO on Nasdaq
- Texas Ventures Acquisition III Corp – Ogier’s Cayman team acted as Cayman Islands legal counsel on its US$225 million IPO on Nasdaq
- K&F Growth Acquisition Corp II – Ogier’s Cayman team advised on its IPO which raised US$287.5 million
- Columbus Acquisition – Ogier’s Hong Kong team advised on its US$60 million Nasdaq IPO
- Axiom Intelligence Acquisition Corp 1 – Ogier’s Cayman team advised on the successful completion of its US$200 million IPO.
De-SPAC deals in 2025
The firm also advised on many de-SPAC deals, some examples being:
- JVSPAC Acquisition Corp – Ogier’s Hong Kong team provided BVI legal counsel in its landmark US$2.3 billion de-SPAC merger with Hotel101 Global Holdings Corp, the first Filipino-owned company ever to be listed and traded on Nasdaq
- Churchill Capital Corp IX – Ogier’s Cayman team provided Cayman Islands legal counsel on its US$1.2 billion business combination with Plus Automation Inc.
- Colombier Acquisition Corp II – Ogier’s Cayman team provided Cayman Islands legal counsel on its business combination with Metroplex Trading Company LLC
- FST Corp – Ogier’s Hong Kong team advised on its business combination with Chenghe Acquisition 1 Co
- Mars Acquisition Corp – Ogier’s Hong Kong team provided Cayman legal counsel on its business combination with ScanTech Identification Bea, Systeme LLC
- Launch One Acquisition Corp – Ogier’s Cayman team is providing advice in connection with its business combination with Minovia Therapeutics
- Columbus Circle Capital Corp. I – Ogier’s Cayman team is providing advice in connection with the announced $1 billion business combination with ProCap Financial, Inc.
Rachel Huang, partner in Ogier’s Corporate team in Hong Kong, said: “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. By working seamlessly with our colleagues in the Cayman Islands and BVI, we continue to deliver pragmatic, commercial advice to help clients navigate the evolving SPAC and de-SPAC landscape.”
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. “
