Macau tycoon Lawrence Ho’s family office expands into space sector in de-SPAC deal
Black Spade Capital, the family office of Macau casino billionaire Lawrence Ho Yau-lung, has announced its third de-SPAC deal through a merger with a satellite communications firm, a move granting it access to the space technology sector. Under the agreement, Singapore-based Astrum Space will combine with blank-check company Black Spade Acquisition III (BIII) at an equity value of about US$1…
Macau casino magnate Lawrence Ho's family office, Black Spade Capital, has made its third deal in the de-SPAC sector by merging with satellite communications firm Astrum Space. The agreement values the combined entity at approximately US$1 billion and would see Astrum Space become a listed company on the New York Stock Exchange.
Dennis Tam, co-CEO of Black Spade Acquisition III, the blank-check company, believes the space sector is increasingly important in modern life. Astrum Space, founded in 2023, is developing a next-generation satellite-to-device broadcast network for the Asia-Pacific region, targeting mobile network operators, broadcasters, governments, and enterprise clients.
The company operates its own in-orbit GEO satellite and is working on NEASTAR-1 for a 2028 or 2029 launch. After the transaction, Astrum's shareholders are expected to hold over 80% of the combined entity. Michael Do, Astrum's president and CEO, stated that the merger will enhance their ability to execute their commercialization strategy and expand partnerships in the region.
Black Spade Capital's first SPAC merged with Vietnamese EV maker VinFast in 2023, while its second SPAC combined with media and entertainment company The Generation Essentials Group.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
