--- title: "Macau tycoon Lawrence Ho’s family office targets space sector in de-SPAC deal" type: "News" locale: "en" url: "https://longbridge.com/en/news/297309973.md" description: "Black Spade Capital, the family office of Macau tycoon Lawrence Ho, announced its third de-SPAC deal by merging with Singapore-based satellite firm Astrum Space at a $1 billion valuation. The combined entity will seek a New York Stock Exchange listing, aiming to expand into the space technology sector. This follows previous SPAC mergers with VinFast and The Generation Essentials Group." datetime: "2026-08-28T10:37:58.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/297309973.md) - [en](https://longbridge.com/en/news/297309973.md) - [zh-HK](https://longbridge.com/zh-HK/news/297309973.md) generator: "portal-rs" --- # Macau tycoon Lawrence Ho’s family office targets 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 special-purpose acquisition company (SPAC) Black Spade Acquisition III, or BIII, at an equity value of about US$1 billion. The combined entity, Astrum Space Company, would seek a listing on the New York Stock Exchange, according to a press release published on Thursday. “Over the years, the space sector has evolved into one of today’s most dynamic industries and continues to play an increasingly important role in everyday life,” said Dennis Tam, executive chairman of the board and co-CEO of BIII, in the statement. “This partnership with Astrum reflects our belief in the power of enabling technologies to create meaningful impact.” Founded in 2023, Astrum is developing a next-generation satellite-to-device (S2D) broadcast network for the Asia-Pacific region. The company operates a wholesale business model targeting mobile network operators, broadcasters, governments and enterprise clients. Zhou Qingzhi, Astrum’s founder, promised financial backing of up to US$168 million to support the firm’s operations, investments and financial activities, including its satellite development milestones, according to a Thursday document filed by the company to the US Securities and Exchange Commission. The proposed combination with BIII is expected to strengthen our ability to execute our commercialisation strategy and expand strategic partnerships across the region Michael Do, Astrum Astrum currently operates its own in-orbit GEO satellite and is developing the NEASTAR-1 satellite for a planned launch in late 2028 or the first quarter of 2029. The company’s shareholders are projected to own over 80 per cent of the combined entity after the transaction, which is expected to close by the end of this year, pending regulatory and shareholder approvals. “The proposed combination with BIII is expected to strengthen our ability to execute our commercialisation strategy and expand strategic partnerships across the region,” said Michael Do, president and CEO of Astrum, in Thursday’s statement. In January, BIII raised US$150 million through its initial public offering in the United States. The Hong Kong-based firm previously stated that it was targeting a business combination at the intersection of entertainment-related enabling technology and digital financial infrastructure, according to the press release. BIII is the third SPAC by Black Spade Capital, the private investment arm of Ho, who serves as chairman and CEO of casino operator Melco International Development. Black Spade Capital’s first SPAC, Black Spade Acquisition, completed a merger in 2023 with Vietnamese electric vehicle maker VinFast – often dubbed “Vietnam’s Tesla” and founded by the country’s richest man, Pham Nhat Vuong – valuing the automobile company at about US$23 billion. Its second SPAC completed a merger with media and entertainment company The Generation Essentials Group. ### Related Stocks - [BIII.US](https://longbridge.com/en/quote/BIII.US.md) - [00200.HK](https://longbridge.com/en/quote/00200.HK.md) - [VFS.US](https://longbridge.com/en/quote/VFS.US.md) - [TGE.US](https://longbridge.com/en/quote/TGE.US.md) - [BSIIW.US](https://longbridge.com/en/quote/BSIIW.US.md) - [TGE.WS.US](https://longbridge.com/en/quote/TGE.WS.US.md) - [BSAQU.US](https://longbridge.com/en/quote/BSAQU.US.md) - [BSAQ.U.US](https://longbridge.com/en/quote/BSAQ.U.US.md) - [BIII+.US](https://longbridge.com/en/quote/BIII+.US.md) - [BIII.U.US](https://longbridge.com/en/quote/BIII.U.US.md) - [BSIIU.US](https://longbridge.com/en/quote/BSIIU.US.md) - [VFSWW.US](https://longbridge.com/en/quote/VFSWW.US.md) - [TGE+.US](https://longbridge.com/en/quote/TGE+.US.md) ## Related News & Research - [Black Spade Acquisition III to merge with satellite communications firm Astrum Space in deal valuing Astrum at about US$1 billion](https://longbridge.com/en/news/297172679.md) - [Black Spade Acquisition III Q2 FY26 net income rises to $848,429](https://longbridge.com/en/news/295517080.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**