Cayman Corporate team advises on billion-dollar business combination
23 October 2025
Our Cayman Islands corporate experts have advised Armada Acquisition Corp. II, a publicly listed special purpose acquisition company sponsored by Arrington Capital, on the Cayman Islands law aspects of its recently announced US$1 billion business combination with Evernorth Holdings Inc. The deal signed on 19 October 2025 and is subject to certain closing conditions.
The transaction is expected to raise over US$1 billion in gross proceeds, including a US$200 million strategic investment from SBI Holdings and participation from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen, among others. At closing, the combined company will operate under the Evernorth name as a publicly traded digital asset treasury designed to provide investors with exposure to XRP through a regulated, liquid and transparent structure.
The Mourant team was led by Tom McLaughlin (Partner), supported by Alex Last (Partner), Richard Shugrue (Senior Associate), and Lissette Williams-Fernandez (Articled Clerk).
Commenting on the transaction, Tom said:
"We’re proud to have advised on this landmark transaction. It reflects our Cayman team’s deep expertise in advising on complex capital markets matters. Being the sole Cayman Islands counsel on a deal of this scale reinforces our position as a trusted partner for innovative and high-value cross-border transactions."
This transaction reinforces our standing as leading Cayman Islands counsel and highlights our continued momentum in the corporate sector. It builds on two recent strategic hires: Tom McLaughlin's appointment in July and the addition of former Kirkland & Ellis Partner, Brad Hillson, as Global Head of Private Capital in May.
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About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
