Asia Innovations Group Limited today announced a definitive merger agreement with Magnum Opus Acquisition. The transaction provides for an equity valuation of $2.5 billion for the combined company.
The deal represents the largest consumer Internet SPAC merger announced this year.
Estimated gross transaction proceeds are expected to total $200 million in cash from the SPAC’s cash in trust (assuming no redemptions), plus up to $150 million from a post-announcement capital raise.
Asia Innovations operates an integrated platform of products designed for mobile devices across social, mobile gaming, e-commerce, and payments. As of Dec. 31, 2021, the company had more than 400 million registered users located in 150 countries and regions across Asia Pacific, South Asia, the Middle East and North Africa, and North and South America. ASIG’s products include Uplive, one of the largest global live video platforms, leading live social dating apps Lamour and CuteU, and ecommerce platform, Hekka.
The transaction is expected to close in the first quarter of 2023. If approved, shares are expected to be listed under the proposed new ticker symbol ASIG. Read more.
