Churchill Capital: Launches Upsized $414 Million IPO with White & Case Support
Deal News | May 19, 2025 | White & Case LLP
Global law firm White & Case LLP has advised BTIG, LLC, serving as the sole book-running manager, during Churchill Capital Corp X's upsized initial public offering (IPO) valued at US$414 million, which includes a full exercise of the underwriter's over-allotment option. Churchill Capital Corp X is a special purpose acquisition company (SPAC) with the aim of targeting initial business combinations in any industry. This IPO marks the latest in a series where White & Case has represented the underwriters on all 10 Churchill Capital SPACs. Highlighting its expertise, White & Case's Capital Markets practice has consistently been ranked highly for its SPAC capabilities and has represented clients in over 175 SPAC IPOs with a combined value exceeding US$55 billion, and more than 80 de-SPAC business combinations valued at over US$125 billion. The advisory team was led by Capital Markets partners Daniel Nussen from Los Angeles and Joel Rubinstein from New York, alongside associate Brandon Wong in Houston, and Tax partner Scott Fryman and associate Nir Fishbien in New York.
Sectors
- Legal Services
- Financial Services
- Investment - SPAC
Geography
- United States – White & Case's involvement in the Churchill Capital Corp X IPO predominantly involves partners and associates based in various US cities such as Los Angeles, New York, and Houston.
Industry
- Legal Services – White & Case LLP is a global law firm providing advisory services for SPAC-related activities, including IPOs and business combinations.
- Financial Services – BTIG, LLC is involved in the financial services industry, specifically in underwriting and managing IPOs.
- Investment - SPAC – Churchill Capital Corp X is a special purpose acquisition company engaged in acquiring and merging with private companies across various industries.
Financials
- US$414 million – The total value of Churchill Capital Corp X's upsized IPO, including the full exercise of the underwriter's over-allotment option.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Churchill Capital Corp X | Target | Company | A special purpose acquisition company (SPAC) focused on executing business combinations across diverse industries. |
| BTIG, LLC | Bidding Companybuyer | Company | Acted as the sole book-running manager for Churchill Capital Corp X's IPO. |
| White & Case LLP | Legal Advisor | Company | Provided legal advisory services for the IPO, with extensive experience in SPAC transactions. |
| Daniel Nussen | Capital Markets Partner | Person | Led legal advisory at White & Case for this IPO, based in Los Angeles. |
| Joel Rubinstein | Capital Markets Partner | Person | Co-led legal advisory services, based in New York. |
| Brandon Wong | Associate | Person | Associate at White & Case involved in the transaction, based in Houston. |
| Scott Fryman | Tax Partner | Person | Tax partner at White & Case involved in the transaction, based in New York. |
| Nir Fishbien | Associate | Person | Associate at White & Case, supporting the transaction based in New York. |