Mobile Social Platform Asia Innovations To Go Public Via $2.5B SPAC Merger With Magnum Opus Acquisition
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- Asia Innovations Group Limited (ASIG) agreed to go public via a special purpose acquisition company (SPAC) merger with Magnum Opus Acquisition Ltd (NYSE:OPA).
- The proposed business combination transaction provides the combined company's equity valuation of $2.5 billion.
- ASIG operates an integrated platform of products for mobile devices across social, mobile gaming, e-commerce, and payments.
- As of December 31, 2021, ASIG had over 400 million registered users in 150 countries.
- ASIG's products include Uplive, one of the largest global live video platforms, leading live social dating apps Lamour and CuteU, and fast-growing e-commerce platform, Hekka.
- Estimated gross transaction proceeds will likely be $200 million in cash from OPA's IPO proceeds held in trust, plus up to $150 million from a contemplated post-announcement capital raise.
- These proceeds will likely fuel ASIG's continued growth by expanding the reach of its products across its active 150 countries and regions, further growing its user base, and pursuing accretive acquisition opportunities.
- On a pro forma basis post-closing, existing ASIG shareholders will own 84% of the resulting equity interest in the combined company.
- The combined company will be named "Asia Innovations Group Limited." ASIG's ordinary shares will likely list under the proposed new ticker symbol "ASIG."
- ASIG CEO Andy Tian said, "The proposed merger will combine the best of macro growth in emerging markets and the benefits of being a publicly listed company in the US to transform ASIG into a global mobile powerhouse."
- Price Action: OPA shares closed at $9.89 on Thursday.