Lakestar SPAC 1 SE’s Initial Public Offering On the Frankfurt Stock Exchange

Sullivan & Cromwell LLP advised Lakestar SPAC I SE on the transaction, while Arendt & Medernach advised the sponsors of Lakestar SPAC 1 SE in its €275 million IPO on the Frankfurt Stock Exchange.

Lakestar SPAC 1 SE, the very first special purpose acquisition company (SPAC) to focus on an acquisition in the technology sector in Europe with an equity value between €750 million and €4 billion, has applied to have its public shares admitted to trading on the regulated market (regulierter Markt) of the Frankfurt Stock Exchange (General Standard), and to list its public warrants for trading on the open market (Freiverkehr) of the Frankfurt Stock Exchange (Börse Frankfurt Zertifikate AG).

The prospectus was approved in Luxembourg on 19 February 2021 by the Commission de Surveillance du Secteur Financier (CSSF), in its capacity as competent authority under the EU Prospectus Regulation, for the purpose of admitting the public shares to trading. In addition, Lakestar SPAC 1 SE has issued sponsor shares and sponsor warrants.

The issue price was €10.00. The listing was accompanied by Deutsche Bank, J.P. Morgan and Morgan Stanley. Morgan Stanley also acts as designated sponsor on Xetra. Specialist on the trading venue Börse Frankfurt is Baader Bank.

Lakestar SPAC I is the largest SPAC IPO ever in Germany and the first SPAC IPO in Germany in the last 10 years. It was one of the first transactions outside the United States to mirror traditional U.S.-style structure in all relevant aspects.

Lakestar SPAC I is sponsored by German venture capitalist Dr. Klaus Hommels, founder and chairman of Lakestar Advisors.

The S&C team advising Lakestar SPAC I includes Carsten Berrar, Konstantin Technau, Clemens Rechberger, Lars Rueve and Stephan Rauch.

Arendt & Medernach advised the sponsors with a team led by partners François Warken (Picture) and Alexander Olliges.

Involved fees earner: Alexander Olliges – Arendt & Medernach; François Warken – Arendt & Medernach; Carsten Berrar – Sullivan & Cromwell; Stephan Rauch – Sullivan & Cromwell; Clemens Rechberger – Sullivan & Cromwell; Lars Rueve – Sullivan & Cromwell; Konstantin Technau – Sullivan & Cromwell;

Law Firms: Arendt & Medernach; Sullivan & Cromwell;

Clients: Deutsche Bank; JP Morgan; Lakestar; Morgan Stanley;

Author: Federica Tiefenthaler