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 tycoon Lawrence Ho's family office, Black Spade Capital, has expanded into the space sector through a de-SPAC deal with satellite communications firm Astrum Space. The merger, valued at approximately US$1 billion, creates Astrum Space Company, which aims to list on the New York Stock Exchange. Dennis Tam, co-CEO of Black Spade Acquisition III, the blank-check company involved, sees space as a rapidly growing industry with significant everyday implications.
Astrum, founded in 2023, is developing a next-generation satellite-to-device broadcast network for the Asia-Pacific region, backed by a potential US$168 million investment. The company already operates a GEO satellite and is developing the NEASTAR-1 satellite for a 2028 or 2029 launch. After the transaction, Astrum's shareholders are expected to control over 80% of the combined entity, with the merger anticipated to close by year-end pending approvals.
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