(Reuters) -Singapore’s Vertex Technology Acquisition Corp (VTAC) will buy live streaming platform 17LIVE Inc for up to S$925.1 million (about $676 million), the special purpose acquisition company (SPAC) backed by state investor Temasek said on Monday.
The pro-forma equity value of the proposed deal will be up to S$1.16 billion, VTAC said.
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.
“We see 17LIVE as a company at its inflection point, backed by a strong management bench,” VTAC Chief Executive Jiang Hong Hui said.
VTAC will issue up to 160.6 million new shares at S$5.00 each and another 24.4 million new shares once certain financial targets are met.
VTAC said it expects the necessary approvals to complete the deal by the end of 2023 after which the company will be renamed 17LIVE Group Ltd and trade on the Singapore stock exchange. ($1 = 1.3682 Singapore dollars)
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Savio D’Souza)
