Carey oversees Guernsey

Offshore firm Carey Olsen has acted on the first Guernsey special purpose acquisition company (Spac) to be listed on Euronext Amsterdam.

Carey Olsen advocate Tom Carey worked with Weil Gotshal & Manges capital markets partner James Cole to advise Spac Germany1 Acquisition on its recent listing, which raised e250m (£197.72m). Germany1 now aims to buy operating ­businesses with bases in Germany, Austria or Switzerland valued ;at ;e1bn-e3bn (£790.9m-£2.37bn).

Carey said unstable ­market conditions had made Spacs less attractive investment vehicles in the UK, while Germany1’s successful listing reflected Guernsey’s strong relationship with Euronext Amsterdam.

“Germany1 is a prime example of what the right combination of structure, listing and jurisdiction can achieve,” he added.

Spacs are so-called blank cheque companies that raise capital on the markets before investing in other companies.