U.S. law firm Milbank and Singapore’s Allen & Gledhill have advised Hotel101 Global, the hotel arm of Philippines-listed real estate firm DoubleDragon, on its $2.3 billion proposed Nasdaq listing through a SPAC merger.

Loeb & Loeb and PRC firm Dahui Lawyers counselled the SPAC, JVSPAC Acquisition Corporation.

Following the deal, Hotel101 Global will become the first Philippine company to list in the U.S., reported Reuters, which added that the merger is likely to result in the “condotel” operator having an equity value of over $2.3 billion. The deal is set to close in the second half of 2024, subject to regulatory and shareholder approvals.

The Allen & Gledhill team included partners Christian Chin, Nicholas Soh, Sunit Chhabra, Shalene Jin, and Lim Xiu Hui.

The Milbank team was led by Hong Kong-based capital markets partner James Grandolfo. The Loeb team was led by corporate partner Giovanni Caruso, who was supported by tax partner Shahrooz Shahnavaz.