Melco Resorts Chairman and CEO Lawrence Ho is making his first foray into the space sector. Ho’s family office and private investment vehicle, Black Spade Capital, has announced a proposed business combination between its special purpose acquisition company (SPAC) Black Spade Acquisition III Co and satellite communications company Astrum Space Inc aimed at supporting Astrum’s efforts to build and expand a satellite communications network.
The combined company, to be renamed “Astrum Space Company,” is expected to be listed on the New York Stock Exchange.
The proposed business combination values Astrum’s equity at approximately US$1 billion. The transaction is expected to close by the end of 2026, subject to regulatory and shareholder approvals and other customary closing conditions.
If the transaction is completed and there are no material redemptions by Black Spade Acquisition III Co shareholders, existing Astrum shareholders are expected to hold more than 80% of the combined company, it was revealed in a recent announcement.
Astrum is a satellite communications company focused on developing a wholesale satellite‑to‑device (S2D) broadcast and data‑distribution network. It currently owns and operates an in‑orbit geostationary (GEO) satellite and is developing the NEASTAR‑1 satellite, which is being manufactured by SWISSto12.
“We are delighted to support Astrum in its efforts to advance S2D connectivity across the Asia-Pacific region,” said Dennis Tam, Executive Chairman of the Board and Co‑CEO of Black Spade Acquisition III.
“We have been encouraged by the dedication and long-term vision of Astrum’s management team as they develop services designed to broaden connectivity across the region.
“Astrum has developed a satellite network and a spectrum position intended to support its connectivity and broadcast initiatives. Over the years, the space sector has evolved into one of today’s most dynamic industries and continues to play an increasingly important role in everyday life. This partnership with Astrum reflects our belief in the power of enabling technologies to create meaningful impact.”
Michael Do, President and CEO of Astrum, added, “The proposed combination with Black Spade Acquisition III Co is expected to strengthen our ability to execute our commercialization strategy and expand strategic partnerships across the region.”
RelatedPosts
