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Pacific Special Acquisition inks merger agreement with IoT company Borqs

December 29, 2016

Pacific Special Acquisition Corp. has signed a merger agreement with Borqs International Holding, a provider of cloud-based IoT solutions and devices such as digital signage, POS terminals and more, according to a press release.

Borqs will be the main operator of the merged companies. Borqs has several key investors such as Intel Capital, Norwest Venture Partners and SK Telecom China Fund.

"Our team looked at many opportunities in a variety of industry sectors and determined that the transaction with Borqs would provide the greatest value to our shareholders. Borqs is a leading IoT company backed by some of the world's leading investors, all of whom will become shareholders in the new company," Yaqi Feng, COO of Pacific, said in the release. "Borqs covers both Chinese and Indian fast growing markets, as well as developed markets such as the United States and Japan."

"We believe that as a company with its shares listing on Nasdaq, Borqs can achieve its goals faster within the IoT industry; taking advantage of the resources from the public capital markets to bring innovations to commercially viable products and services quickly, motivate our workforce and grow together with our customers and partners to new and higher levels," Pat Chan, founder, chairman and CEO of Borqs, said in the release.