Towards the tail end of this summer, the titans of law, Kirkland & Ellis, Freshfields Bruckhaus Deringer, and Allen & Overy joined forces with Maples Group, and Chinese based firms JunHe and Shihui Partners, to oversee an industry-first merger. The $1.3 billion dollar deal saw Hong Kong-listed special purpose acquisition company (SPAC), Aquila Acquisition Corp, fuse its operations with ZG Group, a major player in the Chinese steel trading website sector. An official announcement was made through the Hong Kong Stock Exchange (HKEx) in August via a filing .
Aquila shareholders are now left to vote on the merger at an extraordinary general meeting, scheduled to take place in early December this year. In order to secure approval for the merger, Aquila requires a special resolution backed by two-thirds of the total votes, per the stipulations mentioned in the HKEx filing.
As part of this agreement, Aquila has entered into a private investment in public equity agreement (PIPE) with 10 PIPE investors. However, additional information regarding this component of the merger is not currently available due to paywall restrictions.
More details on the matter can be found in the original-article by Law.com.