Appleby Advises Black Spade Acquisition III Co on its Proposed Business Combination with Astrum Space Inc.
Appleby is pleased to be advising Black Spade Acquisition III Co (BIII), a special purpose acquisition company (SPAC) sponsored by Black Spade Capital Limited, on its proposed business combination with Astrum Space Inc. (Astrum). The transaction is expected to close by the end of 2026.
Astrum is a satellite communications company developing a wholesale satellite-to-device (S2D) broadcast and data-distribution network, and the business combination values Astrum at an equity value of approximately US$1 billion. Upon the completion of the transactions contemplated by the business combination agreement, the combined company will be renamed as “Astrum Space Company” and its ordinary shares will be listed on the New York Stock Exchange.
This high-profile transaction involves a cross-jurisdictional Appleby team which is being led by Asia Managing Partner David Bulley and Hong Kong Senior Associate Alejandra Gonzalez Saucedo, with the team including Shanghai-based associate Mandy Qi and legal manager Koey Wang. Appleby are working with Latham & Watkins as lead counsel.
This is the third transaction on which Appleby have provided offshore advice to Black Spade. Earlier this year, the team acted as Cayman Islands counsel to BIII on its successful USD172.5 million SPAC IPO on The New York Stock Exchange, being the first U.S. SPAC IPO of 2026. Appleby also advised Black Spade Acquisition Co and Black Spade Acquisition II Co on their successful SPACs and De-SPACs.
David Bulley commented: “This transaction once again highlights our strength in handling high-profile SPAC/de-SPAC transactions and our leading position in this space in Asia with clients continuing to use Appleby due to our market leading cross-jurisdictional M&A teams and expertise.”
About Appleby
Appleby is an international offshore law firm providing specialised legal services in corporate law, mergers and acquisitions, and capital markets. With extensive experience advising on high-profile transactions, Appleby remains a trusted partner for companies navigating complex offshore legal structures.
