Singapore-based blank-check company, Vertex Technology Acquisition, has announced plans to acquire the Taiwan-based social-entertainment platform, 17LIVE, for up to 925.1 million Singapore dollars ($677.2 million). If successful, this will mark the first acquisition of its kind in Singapore. The merger between Vertex Technology Acquisition and 17LIVE will create the first livestreaming business listed in Singapore.
The combined entity’s equity value is expected to range from S$999.1 million to S$1.16 billion. As part of the deal, Vertex, which is backed by Temasek, will issue up to S$803.0 million worth of new shares to 17LIVE. Additionally, S$122.0 million of shares will be issued contingent upon the achievement of certain financial targets. In order to raise additional funds, Vertex plans to carry out private placements exclusively for institutional investors. The completion of the deal is anticipated by the end of the year, pending necessary approvals.
17LIVE is a social-entertainment platform with a strong presence in livestreaming and live commerce. Its key markets include Japan, Taiwan, Hong Kong, Singapore, and the U.S.
Shares of Vertex Technology Acquisition are currently in a trading halt. However, year-to-date, they have experienced a 6.2% increase, in contrast to the benchmark Straits Times Index’s marginal 0.3% loss.