Workspace provider The Flexi Group Holdings and TG Venture Acquisition, sponsored by Tsangs Group, announced today that they have entered into a definitive business combination agreement at a pro forma enterprise value of $205 million.
The transaction is expected to be completed in the second quarter of 2023. If approved, The Flexi Group’s shares are expected to trade on the Nasdaq under ticker symbol FLXG.
Unified in 2022 following a merger of three brands, The Flexi Group has a combined 25 years of experience designing, building and operating flexible workspaces in Asia and Australia. They are one of the region’s largest flexible workspace operators with 45 locations in 12 cities and 9 countries including Australia, Singapore, Malaysia, Hong Kong, Thailand, Philippines, Taiwan, Vietnam and Japan, according to a press release.
Financial terms were scant in the press release and the SPAC has yet to file any information on the deal with the SEC. TG Venture raised $100 million in a November 2021 IPO.
ARC Group Limited is serving as exclusive financial advisor to The Flexi Group, with Lucosky Brookman and Conyers Dill & Pearman serving as legal counsel to The Flexi Group. TriPoint Capital Management is serving as advisor to TGVC, Marshall & Stevens Transaction Advisory Services is serving as financial advisor to TGVC, with DLA Piper (US) and Ogier serving as legal counsel to TGVC. Read more.
