White & Case advises Inflection Point-led SPAC on its entry into a US$419 million business combination agreement with A1R WATER

Global law firm White & Case LLP has advised Inflection Point Acquisition Corp. III (Nasdaq: IPCX), a publicly traded special purpose acquisition company, on its entry into a definitive business combination agreement with A1R WATER, a global leader in atmospheric water generation. Upon closing of the business combination, the combined company will be named Air Water Ventures Limited.

The transaction, which values A1R WATER at a pro forma enterprise value of US$419 million, enables A1R WATER to focus on the expansion of the A1R WATER USA business, including a second US-based water plant as well as the launch of consumer and government services businesses.

The White & Case team was led by Capital Markets partners Joel Rubinstein (New York) and Jason Rocha (Houston) and associate Russell Deutsch (New York); and M&A associate Chris Hebert (Miami). The team also included Tax partners David Dreier, Adriana Zhan (both in New York) and Catherine Hill (London), counsel Alice Parsons (London) and associates Brandon Dubov (New York) and Jiawei Zheng (Mexico City); M&A partner Daniel Turgel (London) and associates Gaia Pattyn, Sofia Rautavuori (both in London), Olivia Danner (Chicago) and Marta Zieba (Dubai); and Capital Markets associates Steven Amrein (Houston) and Susie Qu (New York).

This is the fourth Inflection Point-led SPAC for which White & Case has advised on de-SPAC transaction and the third for which White & Case has advised on its initial public offering. The Firm also recently advised an Inflection Point-led SPAC (Bleichroeder Acquisition Corp. I, which will be renamed Inflection Point Acquisition Corp IV) on its entry into a business combination agreement with Merlin Labs, a leading developer of assured, autonomous flight technology for defense customers.

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