We analyze the SPACs listed in the European stock exchanges and compare their institutional characteristics, risks, and returns with US SPACs. The multitude of applications along with the blank check status of holding make the SPACs the rare pearl that most of the investors are looking for all their entire lives. Yet there are only a few European M&A or LBO transactions, and almost no IPO involving European SPACs, unlike the US market where they are widespread. We aim at understanding the reasons for this, analyzing the advantages and applications to show the development angles for European M&A, LBO, IPO markets just by introducing these simple investment funds.