Auto Services Group Limited, a provider of digitalized auto services and auto insurance through Shanghai-based SunCar Online Insurance Agency, entered into a definitive merger agreement with Goldenbridge Acquisition. The deal values the combined company at an estimated enterprise value on a pro-forma basis of approximately $858 million, assuming no redemptions.
The agreement evidently came together quickly, as Goldenbridge three weeks ago terminated a deal with work solutions provider AgiiPlus. No reason was given for the breakup, although at the time the SPAC said AgiiPlus would be required to pay a $150,000 termination fee.
If the SunCar deal is approved, upon closing the combined company is expected to be Nasdaq-listed.
Terms call for Goldenbridge’s wholly owned subsidiary to acquire SunCar Technology Group with the target’s shareholders receiving 80 million ordinary shares of SunCar Technology Group. Those shares will be subject to lock-up agreements for 12 months following the date the transactions close. Certain key persons of the company are eligible to receive additional ordinary shares subject to performance milestones. Read more.
