Cayman Corporate Team Facilitates $1 Billion Business Merger for Armada Acquisition Corp. II and Evernorth Holdings Inc.

"Mourant's Cayman Islands corporate team has advised Armada Acquisition Corp. II on its $1 billion business combination with Evernorth Holdings Inc., signed on October 19, 2025. The deal, which includes a $200 million investment from SBI Holdings and participation from various investors, will create a publicly traded digital asset treasury under the Evernorth name, providing exposure to XRP. The Mourant team, led by partner Tom McLaughlin, emphasized their expertise in complex capital markets transactions, reinforcing their position as a leading counsel in the Cayman Islands."

**Law Firms Involved in the Transaction:** Mourant acted as the sole Cayman Islands counsel for Armada Acquisition Corp. II, a publicly listed special purpose acquisition company sponsored by Arrington Capital, in its business combination with Evernorth Holdings Inc. **Transaction Overview:** The transaction, announced on 19 October 2025, involves a US$1 billion business combination, which is expected to raise over US$1 billion in gross proceeds. This includes a US$200 million strategic investment from SBI Holdings and participation from various investors such as Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Upon closing, the combined entity will operate under the Evernorth name as a publicly traded digital asset treasury, providing investors with exposure to XRP through a regulated, liquid, and transparent structure. **Legal Team:** The Mourant team advising on this transaction included: - Tom McLaughlin (Partner) - Alex Last (Partner) - Richard Shugrue (Senior Associate) - Lissette Williams-Fernandez (Articled Clerk)

Cayman Corporate Team Facilitates $1 Billion Business Merger for Armada Acquisition Corp. II and Evernorth Holdings Inc.

Read the full story

Cookie Preferences

Strictly Necessary

Analytics & Statistics

Marketing & Ads