AGBA Acquisition Limited and TAG Holdings Limited agreed to merge in a deal with an enterprise value of $555 million. The news comes two days after the SPAC said shareholders had approved a fifth deadline extension for completing a deal.
The SPAC will combine with TAG and its five subsidiaries: B2B company TAG International Limited, TAG Asset Partners, OnePlatform International, OnePlatform Holdings Limited and TAG Asia Capital Holdings Limited, which engages in the fintech sector. AGBA will ultimately form two wholly-owned subsidiaries which will merge with TAG’s B2B and fintech subsidaries.
The transaction is an all-stock deal.
OnePlatform Holdings Limited (“OPH”) and TAG Asia Capital Holdings Limited (“Fintech”) (collectively “Platform Businesses”) form an integral part of TAG’s wider portfolio of companies. Through their wholly-owned subsidiaries, OPH is engaged in B2B services and Fintech is engaged in the financial technology business. The platform businesses are wholly-owned by TAG Holdings Limited.
If approved, the parties plan for the combined company to list on the Nasdaq under the SPAC’s current ticker, AGBA. Read more.
