Insight

SPACs market report: Q3 2021

Industry, transaction value and timeframe analysis of the market for special-purpose acquisition company merger prospects.

Dean Bell

Dean Bell

Partner, Advisory, Accounting Advisory Services, KPMG US

+1 212-872-5527

Insights from the KPMG SPAC Intel Hub.

SPAC outlook

At the end of the third quarter, 458 SPACs were looking for target companies—34 more than at the end of the previous quarter. But they face a shorter timeframe to find merger partners; 69 percent or 318 SPACs have less than 18 months to do so. Meanwhile, more than one-third (158) have designated technology, media, and telecom (TMT) as their targeted sector, where deal count surged by 77 percent in the third quarter. Following TMT in order of SPACs’ industry preference were healthcare and life sciences (59), financial services (45), and consumer, retail, and travel (45).

Number of SPACs looking for target companies, by timeframe left (as of September 30, 2021)

Number of SPACs looking for target companies, by amount raised (as of September 30, 2021)

 

Number of SPACs looking for target companies, by industry (as of September 30, 2021)


What SPACs looked for in a target: Cumulative recent data 

For private companies interested in pursuing a SPAC merger, analysis of recently completed transactions may be helpful in gauging the prospects for their own deals in the future. 

Number of SPAC mergers 2018-present

SPAC merger average estimated values 2018-present

Source for all charts: KPMG data analytics based on SEC filings, Capital IQ, Thomson ONE and SPACInsider data