Macau tycoon Lawrence Ho’s family office expands into 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.