Lawrence Ho Family Office Enters Space Sector Through USD1bn Deal

The Lawrence Ho family office is expanding into space technology through a USD1bn de-SPAC transaction involving Singapore-based satellite communications company Astrum Space.

Black Spade Capital, the family office of Macau billionaire Lawrence Ho, will merge Astrum with Black Spade Acquisition III in its third de-SPAC transaction.

The combined company intends to seek a listing on the New York Stock Exchange.

Founded in 2023, Astrum is developing a satellite-to-device communications network targeting mobile operators, broadcasters, governments and enterprises across Asia-Pacific.

Founder Zhou Qingzhi has committed up to USD168m to support investments and satellite-development milestones.

Existing Astrum shareholders are expected to own more than 80% of the merged company.

The transaction is targeted for completion by year-end, subject to regulatory and shareholder approvals, and marks another diversification move by Black Spade into technology-driven sectors.