Ogier is acting as both British Virgin Islands and Cayman counsel to Pacific Special Acquisition Corp. on its recently announced proposed merger with Borqs International Holding Company, a major player in the Internet of Things and smart devices sector.
The Beijing-headquartered Borqs is a major provider of smart connected devices and cloud service applications for the Internet of Things industry.
The company produces, through its subsidiaries, commercial grade Android connected device software and hardware products and operates mobile virtual network operator services in China.
Nasdaq-listed Pacific was incorporated in the BVI in 2015 and established as a special purpose acquisition company to acquire the shares or assets of an existing established business undertaking to be identified by Pacific’s directors.
The parties signed a definitive merger agreement in respect of the proposed transaction on Dec. 27, 2016. The transaction remains subject to the satisfaction of certain customary closing conditions, including shareholder approvals of both Pacific and Borqs.
Ogier’s partner Michael Killourhy said, “As a deal in the [Internet of Things] industry, this is another example of how Ogier is working increasingly in diverse, cutting edge, innovative areas.
“Over the last year, we have worked with firms targeting acquisitions in the fintech sector, and with firms involved in satellite communications and smartphone production.”
The transaction also involves matters of Cayman Islands law, and Ogier’s Cayman office has also been engaged to provide Pacific with advice and support in this respect. Ogier’s Cayman team is led by partner Bradley Kruger supported by managing associate Mark Santangeli.