Dean Bennett

E [email protected]
T +1 345 814 2980

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Bio

Dean is Counsel within the Corporate Group in the Cayman Islands and global co-head of SPACs.

Dean advises on a wide variety of corporate, securities and finance transactions with a particular focus on equity offerings (including special purpose acquisition company (SPAC) offerings), mergers and acquisitions (including public M&A, take privates and SPAC M&A), corporate restructurings and derivatives, structured products and repurchase and securities lending transactions. Dean co-authors the Legal 500 M&A Country Comparative Guide (Cayman Islands Chapter) and Mondaq M&A Comparative Guide (Cayman Islands Chapter).

Dean is experienced with ISDA and other industry standard trading and collateral documentation and regularly advises the sell and buy-side on netting, collateral and insolvency issues.

Dean is a member of Appleby’s technology and innovation group, supporting clients working on blockchain, AI, fintech and other emerging technologies.

Prior to joining Appleby, Dean was an Associate in the Structured Capital Markets team at Baker & McKenzie LLP in London, where he worked in the areas of capital markets, derivatives, financial regulation and structured finance. Dean also spent six months in Baker & McKenzie’s Moscow office working on a wide range of corporate and finance transactions across the CIS region. During his time at his previous law firm, Dean co-authored several articles and presented on derivatives regulation, clearing and regulatory capital.

REPRESENTATIVE DEALS AND EXPERIENCE

SPAC / De-SPAC*

US SPACs:

  • Representing Lazard Growth Acquisition Corp. I on its $575m SPAC IPO on NASDAQ – sponsored by affiliates of Lazard Ltd.
  • Representing Artisan Acquisition Corp. on its $300m SPAC IPO on NASDAQ – sponsored by C- Ventures and Dr. Adrian Cheng
  • Representing Black Spade Acquisition Co on its $150m SPAC IPO on NYSE – sponsored by Black Spade Capital and Lawrence Ho
  • Representing Gobi Acquisition Corporation on its $250m SPAC IPO on NASDAQ – sponsored by PAG
  • Representing Endurance Acquisition Corp. on its $200m SPAC IPO on NASDAQ – sponsored by Antarctica Capital

Hong Kong SPACs:

  • Various – Multiple ongoing Hong Kong SPAC IPO processes following the implementation of the Hong Kong SPAC regime under Chapter 18B of the Hong Kong listing rules

De-SPACs:

  • Representing Alussa Energy Acquisition Corp. on its $1.4 billion de-SPAC business combination with FREYR AS
  • Representing Artisan Acquisition Corp. on its $1.25 billion de-SPAC business combination with Prenetics Group Limited, creating Hong Kong’s first unicorn to list on NASDAQ
  • Representing Silver Crest Acquisition Corporation on its ongoing de-SPAC transaction with Tim Hortons China
  • Representing Endurance Acquisition Corp. on its ongoing de-SPAC transaction with SatixFy

*A more complete list of experience is available upon request subject to confidentiality for multiple ongoing IPOs and de-SPACs

Mergers & Acquisitions

  • Representing a large corporate on the US$4 billion disposal of its power and infrastructure assets to a private equity house
  • Representing the purchaser on the take private of an AIM listed Cayman Islands company
  • Representing a Canadian listed mining company on its US$700 million business combination with a TSX listed Cayman Islands company
  • Representing an oil major on its US$1.6 billion acquisition of oilfield and pipeline assets

Derivatives & Finance

  • Advising US prime broker on its prime brokerage, repo and securities lending arrangements with Cayman Islands hedge fund clients including consideration of cross-collateralisation and set-off issues
  • Representing a leading global investment bank on establishing an innovative collateralised intermediated swap arrangement with a large fund
  • Providing netting opinions to a leading US bank covering transactions entered into with Cayman counterparties under its prime brokerage agreement, the New York and English law ISDA Master Agreement and credit support documentation and the Master Repurchase Agreement
  • Advising US prime broker on the enforceability of its set-off arrangements under its OTC derivatives and futures trading agreements
  • Regularly representing leading US and European financial institutions in connection with their OTC derivative transactions entered into with Cayman counterparties
  • Regularly advising leading US financial institution on subscription finance and margin loan facilities with private equity borrowers

Representative experience (prior to joining Appleby):

  • Representing a leading corporate trustee as convertible bond trustee in connection with a UK scheme of arrangement of a LSE listed issuer
  • Representing a leading corporate trustee as security and note trustee in connection with a payment default and acceleration and enforcement of a secured loan participation note issuance involving oil assets located in Azerbaijan held through offshore structure
  • Representing the trustees of a large UK pension scheme on a collateralised longevity swap transaction using a hybrid insurance/reinsurance structure with direct payments and collateral transfers between the scheme and reinsurer
  • Representing multiple lenders and borrowers on interest rate and FX hedging
  • Representing a European Rating Agency on the development of its UK covered bonds rating framework

EDUCATION:

University of Kent (England), Bachelor of Laws (LLB), First Class Honours.

Updates

20 May 2022

Appleby advises Artisan Acquisition Corp. on its de-SPAC Business Combination with Prenetics Group Limited

Appleby is pleased to have acted as Cayman Islands legal counsel to Artisan Acquisition Corp. on its...

9 Mar 2022

Appleby advises Endurance Acquisition Corp. on its de-SPAC Business Combination with SatixFy Communications Ltd.

Appleby is acting as Cayman Islands counsel to Endurance Acquisition Corp., a NASDAQ-listed special ...

1 Nov 2021

Appleby Welcomes Changes to the Cayman Islands Restructuring Regime

Highly anticipated amendments to the Cayman Islands’ insolvency and restructuring regime have now ...

20 Jul 2021 | Deals

Appleby acts as Cayman counsel on Black Spade Acquisition Co's USD150 Million SPAC IPO

Black Spade Acquisition Co is sponsored by Black Spade Sponsor LLC, an affiliate of Black Spade Capi...

8 Jul 2021

Appleby acts as Cayman counsel on Gobi Acquisition Corp.’s $250M SPAC IPO

Appleby acted as Cayman counsel to Gobi Acquisition Corp. on its $250,000,000 SPAC IPO on NASDAQ.

Contributors: Dean Bennett
3 Mar 2020 | Deals

Appleby advises Mitsubishi UFJ Financial Group on its investment in Grab

Appleby acted as Cayman Islands counsel to MUFG on its USD706 million equity investment in ride-hail...

Contributors: Dean Bennett
20 Jan 2020 | Deals

Appleby advises on closing of Zedra acquisition

Corporate Partner Jacob MacAdam and Associate Dean Bennett, both based in Appleby’s Cayman Islands...

Contributors: Dean Bennett
24 Jun 2019 | Deals

Appleby advise Palatine Private Equity on its investment in SMP Partners

Appleby acted as legal counsel to Palatine Private Equity LLP (Palatine) on its recent investment in...

13 Dec 2018 | Deals

Appleby advises on ZEDRA’s acquisition of JP Integra Group

Corporate Partner Jacob MacAdam and Associate Dean Bennett, both based in Appleby’s Cayman Islands...

Contributors: Dean Bennett

Publications

16 Jun 2022

Appleby contributes Cayman chapter to Chambers’ Blockchain 2022

Appleby has authored the Cayman Islands chapter of Chambers and Partners’ “Blockchain 2022” gu...

22 Jun 2021

Appleby contributes Cayman chapter to Chambers’ Blockchain 2021

Appleby has authored the Cayman Islands chapter of Chambers and Partners’ “Blockchain 2021” gu...

21 May 2021

2021 - A Jekyll and Hyde Year for SPACs

In this article we offer our views on why this has happened and look ahead to the future for SPACs a...

Contributors: Dean Bennett
13 May 2021

Cayman Islands: Mergers & Acquisitions Comparative Guide

This country-specific Q&A provides an overview to Mergers & Acquisitions laws and regulati...

Contributors: Dean Bennett, Vance Power
6 May 2021

Legal 500 M&A Guide 2021 - Cayman Islands update

Originally provided for Legal 500's M&A Guide, April 2021 This country-specific Q&A provi...

Contributors: Dean Bennett
13 Aug 2020

Special Purpose Acquisition Companies (SPACS) make a comeback

In this global article on SPACs we revisit the basics, then look to each of our key jurisdictions fo...

27 Jul 2020

The use of Cayman Islands Structures for SPAC IPOs

Special purpose acquisition companies (SPACs), also known as “blank cheque companies” or “shel...

Contributors: Dean Bennett
19 Jun 2020

Appleby authors Cayman Islands chapter of inaugural Blockchain 2020 Guide for Chambers Global

Appleby has authored the Cayman Islands chapter of Chambers and Partners’ inaugural “Blockchain ...

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