02 April 2018
Latham & Watkins LLP advised Promecap Acquisition Company, S.A.B. de C.V. (Promecap Acquisition Company), a special purpose acquisition company (SPAC), in its global initial public offering (IPO). As a result of the IPO, the Company will become the first Mexico-focused SPAC to list on the Mexican Stock Exchange.
Promecap Acquisition Company raised US$300 million in the global offering, which was effected through the sale of 30 million Units at US$10.00 per Unit via a public offering in Mexico and a concurrent international private offering in the United States and elsewhere outside Mexico. The Company intends to use the proceeds from the offering to conduct an initial business combination with a target whose operations or economic interests are primarily located in Mexico. Promecap Acquisition Company is sponsored by Promecap, S.A. de C.V., a leading Mexican private equity firm controlled by Fernando Chico Pardo.
Promecap Acquisition Company is the second SPAC IPO by a Latin American issuer. Members of Latham’s Latin America Practice also represented Vista Oil & Gas, the first SPAC to conduct an IPO in Latin America, in its US$650 million IPO in August 2017, a deal that was recognized by LatinFinance magazine as its Financing Innovation of the Year.
Latham’s Capital Markets Practice is consistently ranked #1 in equity league tables by IPO Vital Signs, Bloomberg and Reuters. In 2017, the firm advised on more than 322 equity capital markets transactions, helping issuers raise more than US$104.6 billion across the globe.