Astrum Space said on Thursday it will go public through a merger with special purpose acquisition firm Black Spade Acquisition III in a deal valuing the satellite communications company at about US$1 billion.
Investor interest in the space sector has surged following the Nasdaq debut of Elon Musk’s SpaceX, boosting optimism about the pipeline of space and satellite companies seeking to go public.
Here are some details on the deal:
- Astrum Space is developing a satellite network that can send data directly to devices across the Asia-Pacific region.
- The Singapore-based satellite company plans to sell this service wholesale to mobile operators, broadcasters, governments and businesses, using its GEO satellites as a complementary broadcast layer that can reach many users at once.
- The transaction is expected to close by the end of 2026, subject to regulatory and shareholder approvals and other customary closing conditions.
- Cohen & Company Capital Markets is Black Spade’s financial adviser.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Pooja Desai)
