As Sweden’s first SPAC completed a deal, five months after announcing it and more than two years after launching, it may also give a small jolt to an otherwise dormant listings market, Bloomberg reports.
The Nordic country, which back in 2021 vied for the top spot as Europe’s hottest IPO market, has seen its listings scene grind to a halt as investors adjust to a world of surging financing costs.
ACQ Bure AB, one of Sweden’s few SPACs, merged Wednesday with cybersecurity firm Yubico AB at a valuation of $800 million. Yubico’s key product is the YubiKey, a physical key used to add a layer of security when logging in on websites or computers.
“I think Stockholm’s world of finance is breathing a small sigh of relief,” said Joakim Bornold, investment economist at Levler, a savings platform. “There are quite a few firms lining up to go public but are waiting for someone to take the first step.”
The merger will bring a highly sought-after sector to the Nasdaq-owned bourse: technology. The market has failed to attract several of Sweden’s most hyped unicorns in recent years, with both music streamer Spotify Technology SA and oat-milk pioneer Oatly Group AB choosing to list in the US. Read more.
