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$925.1mil, the so-called special purpose acquisition company (SPAC) said in a statement yesterday. 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.
Vertex Tech, which is backed by Vertex Venture Holdings Ltd, raised about S$200mil 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. — Bloomberg
