Ropes & Gray Guides Multiple SPAC Transactions Amid April Surge
Deal News | May 07, 2025 | Ropes & Gray
Ropes & Gray played a pivotal role in advising three SPAC IPOs and one business combination during April's surge in SPAC activities. Notably, the firm represented the underwriting team for Gores Holdings X Inc.'s $312 million IPO, the largest SPAC IPO this year. Additionally, Ropes & Gray's capital markets and tax partners assisted in the IPOs of Digital Asset Acquisition Corp. and Real Asset Acquisition Corp., raising $172.5 million each. The firm also represented Citigroup Global Markets and J.P. Morgan Securities as advisors on Ares Acquisition Corporation II's intended business combination with AI and autonomous vehicle technology provider Kodiak Robotics, marking the year's second-largest business combination. With 37 SPAC IPOs priced and numerous combinations announced and completed, 2025 has seen robust SPAC activity.
Sectors
- Financial Services
- Technology
- Transportation
Geography
- United States – All entities, including Ropes & Gray, and the companies involved in the SPACs and business combinations, operate in the United States, marking this as a significant regional focus.
Industry
- Financial Services – The industry focused on the activities of financial advisors, capital markets, and underwriters involved in SPAC IPOs and business combinations.
- Technology – Involvement of Kodiak Robotics, a provider of AI-powered autonomous vehicle technology, in a major business combination advised by Ropes & Gray highlights the relevance of the technology sector.
- Transportation – Kodiak Robotics operates within the transportation industry by leveraging AI for autonomous vehicle technology.
Financials
- $312 million – IPO value of Gores Holdings X, Inc.
- $172.5 million – Amount raised in IPOs of Digital Asset Acquisition Corp. and Real Asset Acquisition Corp.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ropes & Gray | Advisor | Company | Law firm advising on SPAC transactions, representing underwriters and capital markets advisors. |
| Gores Holdings X, Inc. | Target company for IPO | Company | The company whose IPO was the largest SPAC IPO to date this year at $312 million. |
| Santander Capital Markets US | Underwriter | Company | Underwriter for the Gores Holdings X IPO. |
| Cohen & Company Capital Markets | Underwriter | Company | Underwriter for the Digital Asset Acquisition Corp. and Real Asset Acquisition Corp. IPOs. |
| Citigroup Global Markets | Capital Markets Advisor | Company | Advised on the business combination involving Ares Acquisition Corporation II and Kodiak Robotics. |
| J.P. Morgan Securities | Capital Markets Advisor | Company | Advised on the business combination involving Ares Acquisition Corporation II and Kodiak Robotics. |
| Ares Acquisition Corporation II | SPAC | Company | Involved in a proposed business combination with Kodiak Robotics. |
| Kodiak Robotics | Target Company for Business Combination | Company | Provider of AI-powered autonomous vehicle technology involved in a business combination with Ares Acquisition Corporation II. |
| Christopher Capuzzi | Individual - Capital Markets Partner | Person | Led the teams representing underwriters on the SPAC IPOs. |
| Dan Zuckerman | Individual - Tax Partner | Person | Advised on the Digital Asset and Real Asset IPOs. |
| Paul Tropp | Individual - Capital Markets Partner | Person | Represented capital market advisors in a business combination involving Kodiak Robotics. |