Dubai-based hookah giant AIR, famed for its Al Fakher brand, announced Friday a merger with U.S. blank-check firm Cantor Equity Partners III, paving the way for a Nasdaq debut in a $1.75 billion deal.
The transaction with the Cantor Fitzgerald-backed SPAC underscores a resurgence in special purpose acquisition companies after a slump triggered by dismal post-IPO performances and stringent regulations. “Lower interest rates and a brighter macroeconomic outlook have revived SPACs as a swift capital-access path,” noted IPOX research associate Lukas Muehlbauer. “This year’s upbeat aftermarket is dispelling their high-risk stigma.”
SPACs, shell entities that IPO to acquire private firms, offer faster listings than traditional routes. AIR, a leader in shisha tobacco, reported $375 million in 2024 revenue and $150 million adjusted EBITDA for core products.
The merger, forming AIR Global Limited (ticker: AIIR), is slated to close in H1 2026, injecting fresh liquidity into the global vaping and tobacco sector.