In what could be Singapore’s first SPAC or blank-check merger, Kacific Broadband Satellites is discussing going public with Pegasus Asia Corporation, sources told Bloomberg.
After the deal, Kacific’s valuation could go up to US$1 billion. However, the report noted that the merger talks are preliminary and could fall through. Kacific had previously considered merging with US-based blank-check firms but held off due to the possibility of a regulatory clampdown and poor market conditions.
While Pegasus Asia refused to comment on the development, Kacific said several points were inaccurate, according to Bloomberg.
Kacific is a next-generation satellite firm, serving 600 million people across 25 countries. The firm intends to bring internet connectivity to remote areas across the world. Headquartered in Singapore, the company was established by Christian Patouraux and Cyril Annarella in 2013.
Pegasus Asia raised US$126 million in its IPO in January. It was the second SPAC to be listed in the city-state, with Vertex Technology Acquisition Corp. listing only a day earlier.
See also: 20 largest exits in Singapore
Editing by Samreen Ahmad and Joy Tirkey
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