SINGAPORE: Singapore-listed Vertex Technology Acquisition Corp. has proposed a merger with Taiwanese live streaming platform 17Live Inc., on track to become the city state’s first blank-check firm to acquire a target.
Vertex will take over 17Live for S$925.1 million ($676 million), the so-called special purpose acquisition company said in a statement Monday. Bloomberg News earlier reported on the deal, citing people familiar with the matter.
The proposed deal marks a key development for the industry in Singapore, which is facing fierce competition from Hong Kong to become an Asian hub for SPACs. While it lagged behind the city state in setting up rules and listing its first blank-check company, Hong Kong recently beat Singapore by announcing its first SPAC merger with a target firm, a process known as de-SPAC.
Vertex Tech, which is backed by Vertex Venture Holdings Ltd., raised about S$200 million in its initial public offering in January 2022 in Singapore’s first SPAC since the local stock exchange allowed blank-check companies to list in 2021. Vertex Venture is a subsidiary of Singapore’s state investment firm Temasek Holdings Pte.
Vertex shares have risen about 6.2% so far this year.
--With assistance from Fion Li.
©2023 Bloomberg L.P.
