AGBA Acquisition announced today that it entered into a non-binding term sheet for a business combination with companies that are part of Convoy Global Holdings, a Hong Kong-listed financial holding company. The companies include Convoy’s independent financial advisory business and its platform businesses, which include B2B, FinTech, Retail and Healthcare platforms.
Terms of the transaction call for AGBA to acquire from Convoy 100% of the platform Business and take a 30% ownership in the IFA Business. In exchange, Convoy would receive 30,000,000 newly issued shares of the combined company, at price per share of $10 plus $100 million in cash, for an aggregate consideration of approximately $400 million. AGBA plans to remain NASDAQ-listed and trade under a new ticker symbol. Read more.
