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Merger Arbitrage Mondays: SPAC IPOs Set A New Record


  • Merger activity increased last week.
  • Six multi-billion-dollar deals announced.
  • SPAC frenzy hits a new record.

Merger activity increased last week with six new multi-billion-dollar deals announced and four deals completed.

The total value of the 19 deals announced in February was over $66 billion. The month of February also saw a new record set for SPAC IPOs filed with 96 SPAC IPOs raising over $30 billion.

The largest deal announced in the month of February was the acquisition of PRA Health Sciences (PRAH) by ICON Public Limited Company (ICLR) for $12 billion. Headquartered in Raleigh, North Carolina, PRA Health Sciences is a contract research organization that operates through two segments - Clinical Research and Data Solutions. The company provides outsourced clinical development and data solution services to the biotechnology and pharmaceutical industries across the world. Headquartered in Dublin, ICON Public Limited Company is a clinical research organization. On February 24, 2021, ICLR announced that it is acquiring PRA Health Sciences in a cash plus stock deal at a premium of approximately 30% to PRA's closing price as of February 23, 2021.

SPAC Arbitrage

There were 27 new SPAC IPOs and 12 new SPAC business combinations announced.

  1. Cyxtera Technologies and Starboard Value Acquisition (SVAC) announced the signing of a definitive business combination agreement today.
  2. Fortress Value Acquisition Corp. II (FAII) and ATI Physical Therapy have entered into a definitive merger agreement.
  3. Apex Clearing Holdings LLC and Northern Star Investment Corp. II (NSTB) have entered into a definitive merger agreement.
  4. Enovix Corporation and Rodgers Silicon Valley Acquisition Corp. (RSVA) have entered into a definitive agreement and plan of merger for a business combination that will result in Enovix becoming a publicly listed company.
  5. Xos, Inc. and NextGen Acquisition Corp. (NGAC) have entered into a definitive business combination agreement that will result in Xos becoming a publicly listed company.
  6. Trident Acquisitions Corp. (TDAC) and AutoLotto have

This article was written by

Asif Suria profile picture

I am an entrepreneur and investor with a focus on event driven strategies including merger arbitrage, spinoffs, (legal) insider trading, buybacks and SPACs. I was one of the earliest contributors on Seeking Alpha and started publishing here in 2005. For more than a decade I have been writing every week about M&A and interesting insider transactions. My work has been mentioned in Barron's, Dow Jones, BNN Bloomberg and other publications.  

I have been an active investor for more than two decades and my background in technology has helped me built tools that inform my investing process, especially as it relates to event-driven strategies that require updated data and processes. The focus on my Inside Arbitrage service is to provide investors with the right combination of tools and analysis to help them take advantage of strategies that can perform well across market cycles.  

Analyst’s Disclosure: I am/we are long OTEL, ZAGG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: I have long positions in Otelco (OTEL) and Zagg (ZAGG). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (7)

great breakdown of co that just hit my radar due to price of all companies that have I am playing catchup
TY for great SPAC update!
Rainer-63 profile picture
Thanks, great article. More information about Spac would be very appreciated. Good luck

Noticed you have been including SPAC info more recently.

1) Are you personally interested in or investing in SPACs?

2) Have you considered posting a separate weekly SPAC update? Sorry, don't mean to create more work for you ;-)

Asif Suria profile picture
@netfool I have not started using the strategy personally but plan to do so in the near future. Considering we are already publishing two posts each weekend for the last ten years, a third one would be challenging but I'll keep it in mind.
Your articles are always useful....Thanks.
Asif Suria profile picture
@AlieGee Thank you for reading.
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