STRATEGY

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Like the Macarena, special purpose acquisition companies, or SPACs, are staging a comeback. CFOs interested in merging with a SPAC, though, or just considering the option, need to make sure their companies are ready for this type of IPO dance, according to attorneys who spoke with CFO Brew.

SPACs have spent the last few years trying to recover from the boom and bust of 2021. That year, a record-breaking 613 SPACs, or blank-check companies, went public in the US, raising $318.1 billion, according to recent numbers from financial data provider Dealogic. Many of these SPACs couldn’t find merger partners, and 330 (54%) ended up liquidating.

But now, SPACs are back. Roughly 122 blank check companies have listed their shares as of June 24 this year, according to Dealogic.

“There’s certainly an increase in recent SPAC IPO activity after the downturn…it’s not at the same level, though [as 2021]; people think it’s back, but maybe in a healthier way, maybe a bit more of a selective way,” Stephen Ashley, a partner at law firm Pillsbury Winthrop Shaw Pittman, told CFO Brew.

There were 254 SPACs seeking merger partners as of June 30, according to SPAC Research, a provider of data and analysis for the SPAC sector. So why consider merging with a SPAC to go public? They’re viewed as a faster and possibly cheaper route to the public markets than a traditional IPO. (Companies taking a traditional tack need 12 to 18 months to list their shares, while businesses merging with a SPAC can do it in three to six months, according to wealth management firm Certuity.)

What else CFOs need to keep in mind when going public via a SPAC deal.—LB

      

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M&A

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The M&A market vibes were positive six months into 2026, and strategic transactions were a major factor behind dealmaking.

First-half US deal activity increased 72% YoY in value and 9% in volume, according to Dealogic data shared with CFO Brew. In early June, EY-Parthenon forecast that US M&A volume of deals valued at over $100 million would end the year 8% ahead of 2025.

Globally, M&A activity is “on track for the second-highest year ever,” with deal count up 10% and deal value up 41% through the first five months of the year, according to a Bain report.

M&A is in the midst of what Bain is calling “the great rebound,” according to Suzanne Kumar, EVP of the firm’s global M&A and divestitures practice. Dealmakers are benefiting from stable interest rates and “a more favorable regulatory environment,” and they’ve gotten used to navigating macro headwinds like trade disruption in the Strait of Hormuz and the Trump administration’s extensive tariff policies, Kumar told CFO Brew.

Why companies are looking beyond near-term global turmoil.—AZ

      

PRICING

Illustration: Morning Brew Inc., Photos: Adobe Stock

Pricing decisions can come from many places in an organization—the CEO, CFO—or they can even be influenced by product professionals. In the hands of the CRO, pricing can be used, predictably, as a revenue generator—at least that’s what happened at The Magnum Ice Cream Company.

The brand uses pricing to drive revenue in a way that (hopefully) lasts. Assisted by performance marketing company Ibotta, the brand, which houses Good Humor, Ben & Jerry’s, Magnum, Klondike, Talenti, and Breyers, said that it saw a 104% increase in incremental sales compared to last year’s promotional campaign.

Database-ics. Chris Riedy, CRO at Ibotta, is often looking from his revenue organization and into another. When doing so, he’s adamant about the value of data. His team has 14 years of sales data that allows them to see trends and challenges relating to pricing and velocity inside of various categories.

When working with Magnum, it was about making an educated bet on the right offer.

“If Magnum all of a sudden is like, ‘Whoa, we’re under way more pressure. We need to move more units than we thought.’ Without all of that corpus of data to do the analysis, the closed loop measurement, the ability to optimize on the fly, you’re back in the paper coupon world,” Riedy said.

Magnum ice cream owner hopes to reach consumers in a “value-conscious moment,” Revenue Brew reports.—BS

      

market forces

Francis Scialabba

Today’s top finance reads.

Stat: 23.4%. That’s how much S&P 500 companies are expected to report in YoY aggregate earnings growth for the second quarter. (Reuters)

Quote: “Who else right now can sell a $100 million company and in the same day take SpaceX public?”—John Richert, one of the leads for JPMorgan’s new investment banking plan focused on small companies (Wall Street Journal)

Read: OpenAI is hiring for an investment banking “subject matter expert.” Whoever is hired could make up to $205,000 a year, with an equity stake. (Business Insider)

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Friday Quiz

Amelia Kinsinger

The week’s biggest CFO Brew stories—now in quiz form. Test yourself on the latest headlines in accounting, financial trends, risk management, and more in a quick, competitive challenge built for finance leaders. Challenge your coworkers and see how your score stacks up!