SPAC my whole M&A market up

SPAC truly is the new black.

We are hearing more and more traditional consolidator companies that are losing deals to SPACs. Small variations of same theme: "we had won the deal and it made strategic sense and then last minute a SPAC showed up and paid significant higher multiple and with softer deal terms". This – traditional corporates (or Private Equity) losing deals to the new kid on the block is significant and will only grow bigger.