Offshore law firm Appleby has advised Pioneer Acquisition I Corp on a business combination agreement with Green AI Cloud, a European clean energy-powered artificial intelligence computing platform, in a transaction with an estimated enterprise value of US$525 million.
The agreement values Green AI Cloud at a pre-money equity value of US$300 million. The combined company is expected to list on the Nasdaq Stock Market following completion of the transaction.
Appleby acted as Cayman Islands legal counsel to Pioneer Acquisition I Corp, with its mergers and acquisitions team led by Cayman Islands partner Alexandra Low and counsel Alejandra Gonzalez Saucedo, supported by other members of the firm’s corporate team.
The firm said the transaction reflected its continued involvement in cross-border mergers and acquisitions and international public market transactions.
