Cayman Corporate team advises on billion-dollar business combination

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.