Press Release

Kirkland Advises PCCW on the HK$280 Million PIPE Investment in the De-SPAC Merger of HK Acquisition Corporation and Synagistics Pte. Ltd.

Kirkland & Ellis represented Celestial Link Limited, an investment vehicle ultimately controlled by PCCW Limited (HKSE: 0008), on its HK$280 million PIPE investment as a lead investor in the de-SPAC merger of HK Acquisition Corporation (a SPAC listed in Hong Kong under the stock code 7841) and Synagistics Pte. Ltd. The transaction was signed and announced on June 28, 2024. The negotiated value of Synagistics in this transaction is HK$3.5 billion, and the committed PIPE investment as of the signing date is approximately HK$601 million. Synagistics is a leading data-driven digital commerce solutions platform in Southeast Asia with Alibaba as the controlling shareholder. The promoters of the SPAC entity include Dr. Chan Tak Lam Norman (the former Chief Executive of the Hong Kong Monetary Authority) and Ms. Tsang King Suen Katherine (the former Chairperson of Greater China of Standard Chartered Bank). This was the third de-SPAC transaction announced in Hong Kong.

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The team was led by corporate partner Joey Chau. The team also included corporate partner Brian Ho and registered foreign lawyers Leo Zhou and Sherry Fu.