Offshore law firm Appleby is advising Black Spade Acquisition III Co. on its proposed business combination with satellite communications company Astrum Space Inc., a deal that values Astrum at approximately US$1 billion.
Black Spade Acquisition III, a special purpose acquisition company sponsored by Black Spade Capital Ltd., expects the transaction to close by the end of 2026, according to Appleby.
Astrum is developing a wholesale satellite-to-device broadcast and data distribution network. If the transaction is completed, the combined company will be renamed Astrum Space Company and its ordinary shares are expected to be listed on the New York Stock Exchange.
Appleby’s cross-jurisdictional team was led by Asia Managing Partner David Bulley and Hong Kong Senior Associate Alejandra Gonzalez Saucedo. Shanghai-based Associate Mandy Qi and Legal Manager Koey Wang were also working on the transaction. Latham & Watkins is serving as lead counsel, according to the release.
The law firm previously acted as Cayman Islands counsel to Black Spade Acquisition III on its US$172.5 million initial public offering on the New York Stock Exchange earlier this year. Appleby said it has also advised Black Spade Acquisition Co. and Black Spade Acquisition II Co. on previous SPAC and business combination transactions.
“This transaction once again highlights our strength in handling high-profile SPAC/de-SPAC transactions,” Bulley said. He added that the firm’s cross-jurisdictional mergers and acquisitions practice has supported its work in the sector.
