Bure launches first Swedish SPAC, aims to raise SEK 3.5bn in IPO

The aim is to take ACQ public on Nasdaq Stockholm by the end of March 2021, raising SEK 3.5bn (around $409m). Bure intends to invest SEK 700m, corresponding to a 20% stake post-offering.

Cornerstone investors, including AMF Pensionsförsäkring, AMF Fonder, The Fourth Swedish National Pension Fund (AP4), SEB Fonder, and SEB-Stiftelsen, have undertaken to subscribe for approximately 40% of the total outstanding shares in the company after the offering.

Bure will subscribe for shares on the same terms as other investors. In its capacity as sponsor and initiator of ACQ, Bure also subscribed for sponsor warrants, which can be exercised for subscription of shares in ACQ no earlier than five years and no later than 10 years after the issue. The firm said this would act as an incentive to be a long-term and engaged owner.

The SPAC will have 36 months to complete an acquisition.

Potential target companies for ACQ primarily include unlisted, sustainable Nordic companies, with enterprise values of approximately SEK 3-7bn, operating in markets with strong potential, or in niche markets where the target company has a leading position, the firm said in a statement.

SEB is acting as sole global coordinator and bookrunner. Cederquist and Nord Advokater are legal advisers to ACQ. Avanza Bank is acting as retail manager together with SEB in relation to the contemplated IPO.

Bure said the initiative had been enabled by Nasdaq Stockholm's new SPAC regulations, which became effective on 1 February 2021.

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