Shell company Vertex Tech to buy streaming platform 17Live for $676 million in landmark deal for Singapore
Singapore's Vertex Technology Acquisition Corp (VTAC) will buy live streaming platform 17LIVE Inc for up to S$925.1 million ($676 million), the special purpose acquisition company (SPAC) backed by state investor Temasek said on Monday.
The deal is the first purchase of a private company by a SPAC listed in the city-state since 2021 when the Singapore Exchange allowed SPACs, or shell firms, to float shares in a bid to position itself as a hub for this type of vehicle in Asia.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIndian School of BusinessISB Applied Business AnalyticsVisitNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisitIIM LucknowIIML Executive Programme in Data ScienceVisit VTAC was Singapore's first SPAC to be listed, going public in early 2022 and raising about S$200 million.
The pro-forma equity value of VTAC's proposed deal would be up to S$1.16 billion, it said.
VTAC would also raise funds from institutional or accredited investors, or a combination of both, by way of private placement in relation to the deal.
VTAC shares have risen 6.2% so far this year, while Singapore's benchmark stock index is down around 1%.
17LIVE Chairman and co-founder Joseph Phua said the listing would allow the company to grow in Southeast Asia and globally.
17LIVE had just over half a million average monthly active users in the first half of fiscal 2023 and counts Japan and Taiwan as its key markets.
It generated revenue of $363.7 million in 2022 and has been profitable since 2020.
«We see 17LIVE as a company at its inflection point, backed by a strong management bench,»
