Malaysia-based Super Apps Holdings Sdn Bhd and Technology & Telecommunication Acquisition today announced a definitive merger agreement. If approved, upon closing the combined company will be named TETE Technologies and list on the Nasdaq under the ticker symbol TETE.
The transaction reflects an estimated pro forma enterprise value for the combined company of approximately $1.1 billion.
Terms call for the combined company to receive $1.1 billion, less debt. A payment of $235 million will be made at closing with the remaining $865 million subject to earn-out provisions.
Super App immediately prior to the closing will purchase 60% of MobilityOne’s ownership interest in OneShop Retail Sdn. Bhd. MobilityOne has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices such as EDC terminals, short messaging services, ATMs and Internet banking. Read more.
