A Singaporean blank-check company backed by asset manager Tikehau Capital and a group of prominent European financiers is nearing an agreement on a merger with satellite internet provider Kacific Broadband Satellites, Bloomberg reports, citing people with knowledge of the matter, as the SPAC races to meet a January deadline.
A deal between Pegasus Asia and the technology firm may value the combined entity at more than $600 million, the people said, asking not to be identified as the process is private. The potential merger could include a S$100 million to S$150 million ($73 million to $110 million) private investment in public equity, or PIPE, anchored by global institutions, the people said.
Pegasus, which faces a two-year deadline to complete an acquisition under the rules for special purpose acquisition companies, could seek the Singapore exchange’s approval to combine with Kacific as soon as this week, the people said. The two firms have been in merger talks since at least 2022, Bloomberg News has reported.
Pegasus Asia held its initial public offering in January 2022 and is the first Singapore-listed SPAC with international backers. Read more.
