The transaction values Tims China at an initial enterprise value of approximately US$1.4 billion and will provide Tims China with access to nearly US$200 million of additional financing to allow their continued store expansion. The combined company will retain the TH International name and its shares and warrants will trade on NASDAQ under the symbols “THCH” and “THCHW”, respectively.

Appleby earlier advised Silver Crest, a SPAC formed by Ascendent Capital Partners, on its upsized US$300m SPAC IPO on NASDAQ which closed in January 2021.

The Appleby team was led by Hong Kong managing partner and global co-head of SPACs David Bulley and Cayman-based counsel and global co-head of SPACs Dean Bennett, assisted by Hong Kong associate Alejandra Gonzalez Saucedo. Morrison & Foerster LLP acted as lead counsel for Silver Crest.

The Appleby team continue to be selected as Cayman Islands counsel of choice for SPAC IPOs and business combinations in the US and Hong Kong in recognition of the firm’s market-leading expertise and cross-jurisdictional capabilities in this area. Appleby was named second in the league table of the “Top Asia-related SPAC Legal Advisers of 2020-21 – Offshore Firms” by Asia Business Law Journal.

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