Arendt has assisted in a de-SPAC transaction in the international healthcare industry involving Luxembourg: the family-owned Latin American pharmaceutical company Procaps Group has successfully closed its business combination with Union Acquisition Corp. II., resulting in the listing of the combined Luxembourg company Procaps Group, S.A. on the Nasdaq Global Market.
After a successful de-SPAC business combination operating in the sustainable energy sector in July 2021, Arendt acted as legal advisor to Procaps Group, a leading integrated international healthcare and pharmaceutical company, in the context of its business combination with Union Acquisition Corp. II, a publicly traded Cayman Islands special purpose acquisition company, creating a Luxembourg-based company listed on the Nasdaq Global Market.
The business combination aims to enable further investment in growth and new product categories, and to accelerate Procaps’ global expansion and regional consolidation with an enhanced competitive position for the previously family owned company – as a developer of pharmaceutical and nutraceutical solutions, medicines, and hospital supplies reaching more than 50 markets in 13 countries on all five continents.
The business combination, referred to as a process of “de-SPACing”, is the third transaction of its type in Luxembourg. It reflects the growing popularity of the SPAC phenomenon and Luxembourg’s positioning as one of the main European de-SPAC hubs for publicly traded holding companies.
Arendt team involved:
Corporate Law, Mergers & Acquisitions: Bob Calmes, Caroline Halembert, Caroline Koepp
Capital Markets: François Warken