As the year winds down, one can be forgiven for forgetting that 2021 could have been a well-deserved candidate for the appellation “year of the SPAC”. Special purpose acquisition vehicles may have receded in prominence as an expected Securities Exchange Commission crackdown cooled launches, but the backlog of soon-to-be deployed capital makes the vehicles a potent force in M&A yet. Paysafe provides a cautionary tale for PE looking to the acquisition vehicles for an exit.
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