Hogan Lovells advises Internet Mobile Communications Limited on $450 million de-SPAC business combination with Crystal Peak Acquisition
Amsterdam, London, 28 December 2022 - Global law firm Hogan Lovells is advising Internet Mobile Communications Limited (“IMC”) (which trades as Bank of Telecom), in its business combination with Crystal Peak Acquisition (“Crystal Peak”), a special purpose acquisition company (SPAC) listed on Euronext Amsterdam (the “Business Combination”). The Business Combination was formally announced on 23 December 2022 and is expected to complete no later than June 2023, subject to approval from Crystal Peak shareholders and certain other customary closing conditions.
Daniel Simons and Danielle du Bois-Buné, lead Hogan Lovells partners for the transaction, said: “It’s been a real pleasure to work with the excellent IMC team on this deal and to assist them in the process of becoming a listed company. The transaction further underlines Hogan Lovells’s expertise in executing high-level and complex cross-border transactions across multiple markets.”
IMC, incorporated in 2012, is headquartered in Chelmsford, United Kingdom with offices in Armenia, Chile, Guatemala, India and Jordan. Their Bank of Telecom platform offers secure, automated trading of wholesale SMS and voice with same day settlements, all of which help overcome significant industry challenges and increase operational efficiency and performance.
Crystal Peak Acquisition, listed on Euronext Amsterdam, is a Special Purpose Acquisition Company (SPAC) incorporated in the Cayman Islands for the purpose of acquiring a business with principal operations in Europe and the wider Europe, Middle East and Africa (EMEA) region.
Upon completion of the Business Combination, the combined listed entity will be renamed IMC.
IMC believes that the Business Combination will provide for a strong complementary partnership that will accelerate future value creation. IMC furthermore believes that partnering with Crystal Peak offers it the best opportunity to unlock value and that Crystal Peak’s team is the right team to partner with to deliver on that opportunity. IMC have clearly identified business areas where the Crystal Peak team can provide support, including: (i) the evaluation and execution of value-accretive acquisitions; (ii) the development of further cross-industry strategic partnerships; and (iii) the evaluation and execution of new platform products and services such as global numbering directory, data centres, IP transit and IP addresses.
The Hogan Lovells team was led by Corporate partners Daniel Simons (London) and Danielle du Bois-Buné (Amsterdam), with support from a cross-border, cross-practice team. Key support was provided by Charles Jemmett (senior associate, London), Marieke Plaisier (associate, Amsterdam), Blaise Salle (associate, London), Akhil Parekh (associate, London), and Rory Hazelton (trainee solicitor, London).
Employee Share Incentives was led by Fiona Bantock with support from Callum Fowers. Tax was led by Karen Hughes with support from Adam Parry.