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Maples Advises Hedosophia on €400 Million Blank Cheque Company IPO

07 Jun 2021

Maples and Calder, the Maples Group's law firm, was delighted to act as lead Cayman Islands counsel for the Hedosophia Group ("Hedosophia") on the launch of Hedosophia European Growth, a blank cheque company that successfully raised €400 million in a private placement for the purposes of completing a business combination with a European technology company.  

Hedosophia European Growth has begun trading on the Euronext Amsterdam.

The company has set out to provide a best-in-class version of the US Special Purpose Acquisition Company ("SPAC") model to the European market, innovating three key features in the SPAC concept: 

  1. demonstrating strong alignment of interest with public shareholders by subscribing for 2,000,000 units for an aggregate purchase price of €20 million;
  2. covering the cost of the negative interest of up to 56 bps per annum on the funds held in the Escrow Account; and
  3. ensuring strong sponsor alignment through an ambitious promote structure at business combination and share price hurdles being achieved over 10 years.

Hedosophia is a significant investor in Europe’s leading technology companies, led by co-founder and Chief Executive Office, Ian Osborne.

The Maples Group team was led by Jack Marriott, Partner and head of its law firm's Corporate team in London along with Associate, Christopher Oliver.

Latham & Watkins acted as UK and US legal counsel to Hedosophia.

For further information, please reach out to your usual Maples Group contact or any of the persons listed below.

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global corporate team provides expert legal advice to corporate clients on all corporate commercial matters.  Our clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of state / government entities across all industry sectors.