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by Legal Desire
1 December 2025

DLA Piper advised Cantor Equity Partners III, Inc., a special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald, in its entry into a business combination agreement with AIR Limited, a global provider of hookah and advanced inhalation technologies. Upon closing, the transaction will result in the combined company, AIR Global Limited, becoming publicly listed in the United States with an enterprise value of US$1.749 billion. The DLA Piper team included Partners Stephen Alicanti and Sidney Burke (both New York), and Associates Carina Meleca (New York), Nick Young (Phoenix), and Luke Postma (Seattle). Additional support was provided by DLA Piper Partners William Bartow, Jae Kim (both Philadelphia), Paolo Morante (New York), Julia Kovacs, Aurelie Ercoli (both Washington, DC), Victoria Richter (Chicago), and Sarah Tauman (San Francisco); Of Counsels Arlette Grabczynska (Chicago), Michael Madigan (New York), and Priya Narahari (Philadelphia); Senior Attorney Brittany Ellenberg (San Francisco); and Associates James Duchesne (Washington, DC), Jianyuan Hua (New York), Bianca LaCaille, Sarah Cooper (both Seattle), Irina Rudenko (Dallas), and Becca Xu (San Diego). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE, and M&A in combined global deal volume, according to PitchBook. DLA Piper enables issuers and underwriters to execute complex securities transactions throughout the world. We offer tactical approaches to financings across equity and debt capital markets, alternative public offerings (de-SPACs, reverse mergers, and direct listings), and other transformative corporate transactions. Lawyers in our Corporate Governance practice act as outside corporate and securities counsel to a wide range of reporting companies by guiding clients through securities offerings and nuanced disclosure, governance, and compliance matters under SEC, Nasdaq, and NYSE rules and regulations. Boards of directors turn to us to navigate complex transactions, special investigations, and challenging risk oversight matters. Please visit Capital Markets and Public Company Advisory and Market Edge. Related professionals:Stephen AlicantiSidney BurkeCarina MelecaNicholas YoungLuke PostmaWilliam BartowJae KimPaolo MoranteJulia KovacsAurélie ErcoliVictoria RichterSarah TaumanArlette GrabczynskaMichael MadiganPriya NarahariJames DuchesneJianyuan HuaBianca LaCailleSarah CooperIrina RudenkoBecca Xu

Advising firms

Deal team

30 lawyers named
LawyerFirmSeniorityPracticeOffice
Stephen Alicanti Lead DLA Piper Partner Not stated New York
Sidney Burke Lead DLA Piper Partner Not stated New York
Alexander Fischer Lead Baker McKenzie Partner M&A Not stated
Olha Deminaniuk Lead Baker McKenzie Partner M&A Not stated
Carina Meleca DLA Piper Associate Not stated New York
Nick Young DLA Piper Associate Not stated Phoenix
Luke Postma DLA Piper Associate Not stated Seattle
William Bartow DLA Piper Partner Not stated Philadelphia
Jae Kim DLA Piper Partner Not stated Philadelphia
Paolo Morante DLA Piper Partner Not stated New York
Julia Kovacs DLA Piper Partner Not stated Washington, DC
Aurelie Ercoli DLA Piper Partner Not stated Washington, DC
Victoria Richter DLA Piper Partner Not stated Chicago
Sarah Tauman DLA Piper Partner Not stated San Francisco
Arlette Grabczynska DLA Piper Of counsel Not stated Chicago
Michael Madigan DLA Piper Of counsel Not stated New York
Priya Narahari DLA Piper Of counsel Not stated Philadelphia
Brittany Ellenberg DLA Piper Senior associate Not stated San Francisco
James Duchesne DLA Piper Associate Not stated Washington, DC
Jianyuan Hua DLA Piper Associate Not stated New York
Bianca LaCaille DLA Piper Associate Not stated Seattle
Sarah Cooper DLA Piper Associate Not stated Seattle
Irina Rudenko DLA Piper Associate Not stated Dallas
Becca Xu DLA Piper Associate Not stated San Diego
Alexander Blaeser Baker McKenzie Partner M&A Not stated
Susanne Liebel-Kotz Baker McKenzie Partner tax Not stated
Vinzenz Sutter Baker McKenzie Associate M&A Not stated
Kiara Sharifi Baker McKenzie Associate M&A Not stated
Kaspar Projer Baker McKenzie Associate Dispute Resolution/International Commercial & Trade Not stated
Anna Zellweger Baker McKenzie Associate International Commercial & Trade Not stated

Stated terms

Stated value
USD 1.75bn (US$1.749 billion)
What the figure measures
Enterprise value
Client
Cantor Equity Partners III, Inc.Buy-side
Counterparties
AIR Limited (Sell-side)
Poly Medicure Limited (Buy-side)
ARCHIMED (Sell-side)