Freshfields Bruckhaus Deringer and Maples and Calder have advised special purpose acquisition company (SPAC) Aquila Acquisition Corporation on its HK$10 billion ($ 1.27 billion) de-SPAC merger with ZG Group, marking Hong Kong’s first-ever de-SPAC transaction. Kirkland & Ellis, Shihui Partners and Maples and Calder have acted for ZG Group.

Allen & Overy and JunHe have represented sponsors and sponsors' coordinators, while Paul Hastings have advised promotors.

Last year, Freshfields advised Aquila on its IPO in Hong Kong. On completion of the de-SPAC transaction, ZG Group will be the successor company listed on the Hong Kong Stock Exchange.

Shanghai-headquartered ZG Group operates the world’s largest digital platform for third-party steel transactions by volume in 2022 and was the first in China to offer a one-stop integrated suite of B2B services covering the entire value chain of steel transactions.

The Freshfields team was led by partners Grace Huang and Arun Balasubramanian with support from partner Sarah Su.