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Freshfields advises Synagistics Pte. Ltd on its proposed de-SPAC transaction with HK Acquisition Corporation

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Synagistics Pte. Ltd (‘Synagistics’) on its proposed de-SPAC transaction with HK Acquisition Corporation, a special purpose acquisition company (‘SPAC’) listed on the Hong Kong Stock Exchange (‘HKSE’). The business combination agreement was signed and the transaction was announced on 28 June 2024.

The de-SPAC transaction will result in the business combination of HK Acquisition Corporation and Synagistics, pursuant to which Synagistics will become a subsidiary of HK Acquisition Corporation. Following the transaction, HK Acquisition Corporation will be listed as the Successor Company on the HKSE.

Synagistics is a leading data-driven digital commerce solutions platform in Southeast Asia. It ranked second among all digital commerce solutions platforms in Southeast Asia in terms of revenue in 2023, according to industry research. It provides integrated digital commerce solutions to its brand partners. Synagistics and its brand partners’ businesses cover various sectors, including fashion and apparel, premium beauty and wellness and premium lifestyle and living sector. Its geographical presence in Southeast Asia covers Singapore, Malaysia, the Philippines, Vietnam, Thailand and Indonesia.

The Freshfields team advising on the transaction was led by partners Grace Huang and Arun Balasubramanian, supported by counsel Cindy Kwong, senior associate Frank Jin and associates Kirsty Wong and Yitian Jin.