Kacific in talks for $1 Billion SPAC Merger in Singapore

, Bloomberg

Kacific Broadband Satellites Ltd. is in advanced talks to go public via a SPAC, with Singapore’s Pegasus Asia Corp. the leading contender, according to people familiar with the matter.

Kacific, which provides high-speed internet access by satellite, has agreed to enter into exclusive negotiations with one SPAC after months of negotiations, giving the potential partner a few weeks to conduct due diligence and finalize a deal, said the people, asking not to be named as the matter is private. Pegasus Asia, led by Chief Executive Officer Neil Parekh, won the exclusivity in part because of its deep-pocketed backers and its location in Singapore.

If completed, the deal would be the first blank-check merger in the city-state. Kacific’s valuation after a merger is expected to be about $1 billion.

Founded in 2013 by Christian Patouraux and Cyril Annarella, Kacific is a satellite operator which provides high-speed internet access to governments and businesses across 25 countries in Southeast Asia and the Pacific, according to its website. The company, headquartered in Singapore with main operations in Vanuatu, is hoping to solve the lack of affordable broadband internet in remote regions of the world.

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