Asia Vision Network, the holding company for Vision+, and Malacca Straits Acquisition Company Limited today announced that they have entered into a definitive business combination agreement. The transaction implies a pro-forma enterprise value of $573 million. The deal is expected to pour more than $130 million in cash into Vision+.
AVN will continue after the business combination as a new Indonesian US-listed holding company and is expected to trade on the Nasdaq. Pending shareholder approval, the transaction is expected to close in late Q2 or early Q3.
Vision+ is Indonesia’s fastest growing Over-The-Top media business and MNC Play, as well as the third-largest broadband and IPTV operator in Indonesia. The company has 1.6 million paiud subscribers and 32 million monthly users. Read more.
