Singapore's Asia Innovations Group plans U.S. listing via $2.5 bln SPAC merger

Magnum Opus Acquisition

30/09/2022 05:30

By Roxanne Liu and Kane Wu
       BEIJING/HONG KONG, Sept 30 (Reuters) - Singapore-based
mobile app developer Asia Innovations Group Limited (ASIG) said
on Friday it would go public through a merger with a blank-check
firm in a deal that values the combined entity at $2.5 billion.
    The move by ASIG to merge with special purpose acquisition
company (SPAC) Magnum Opus Acquisition Ltd  OPA.N  would bring
estimated gross proceeds of $200 million in cash, which Magnum
Opus raised via its own initial public offering in May 2021.
    ASIG, which runs live-streaming app Uplive and e-commerce
platform Hekka, is also targeting up to $150 million from an
additional capital raising, it said in a statement.     
    The funds will support growth of ASIG's products as well as 
acquisition opportunities, ASIG said.
    The transaction is expected to close in the first quarter of
2023, pending regulatory approvals, it added. 
    SPACs are shell firms that raise money from institutional
and retail investors via market listings, and put it in a trust
for the purpose of merging with a private company and taking it
public.
    ASIG said it tapped Kirkland & Ellis, Evercore, Incentrum
Securities and XCap Partners as advisors for the merger, while
White & Case advised Magnum Opus.
 (Reporting by Roxanne Liu in Beijing and Kane Wu in Hong Kong;
Editing by Jamie Freed)
 ((hongkong.newsroom@thomsonreuters.com; （8610）6627-1277;
Reuters Messaging: roxanne.liu@thomsonreuters.com))