Singapore’s Vertex Technology Acquisition Corporation and streaming service 17LIVE Inc. to merge

Streaming platform 17LIVE Holding Limited will be purchased by Vertex Technology Acquisition Corporation Ltd (VTAC), a special purpose acquisition company (SPAC) backed by Singaporean state investor Temasek, for SGD 925.1 million ($675.35 million).

The two have signed a conditional sale and purchase agreement (SPA) in connection with a proposed business combination that will make the target company 17LIVE Inc. a publicly traded company on the SGX-ST, according to a statement from VTAC on Monday.

The pro forma equity value of the proposed business combination could be up to SGD 1,161 million ($847.56m), according to the statement.

The company’s momentum as the leading pure-play live-streaming platform will be strengthened by the public listing on the SGX-ST, which will also spur regional expansion into fast-growing markets like Southeast Asia and the United States as well as the growth of new businesses like V-Liver.

The proposed business combination includes a number of incentive shares that will be distributed to eligible VTAC and 17LIVE shareholders, 17LIVE management, and new PIPE investors in order to align the interests of all stakeholders.

After the proposed business combination is completed and subject to the achievement of certain financial targets, the allotment, and issuance of up to 24.41 million additional shares of the company at the issue price of 17LIVE will satisfy the acquisition requirements. This amount could total up to 160,605,109 new shares in the company.

At the conclusion of the proposed business combination, VTAC will be renamed 17LIVE Group Limited.

“We are thrilled to work with the 17LIVE team as they continue to break new grounds in the evolving consumer-internet space as an innovative and cutting-edge market leader,” said Jiang Hong Hui, Executive Director and Chief Executive Officer of VTAC.