Fenix 360 Signs $610M Deal with DUET Acquisition to Create Global Social Media Platform

Fenix 360 Pte Ltd. and DUET Acquisition announced a business combination agreement at a $610 million enterprise value. The target is a global social media company incorporated in Singapore that is designed to provide artists and creators with enhanced compensation, tools and control.

The deal is expected to close in the first half of 2024, subject to approvals.

The parties signed a binding letter of intent in July for a merger.

DUET raised $86.25 million in a January 2022 IPO to focus on disruptive change-maker technology enterprises.

Nelson Mullins Riley & Scarborough serves as legal counsel to DUET. Lucosky Brookman is legal counsel to FENIX360. Read more.

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As announced in October 2022, the deal valued flyExclusive at a pre-transaction equity value of $600 million. Proceeds now include $85 million of immediate funding through committed convertible notes and EG's remaining cash in trust. The SPAC has not disclosed redemptions, if any, ahead of the merger vote. EG held almost $46 million in trust as of Nov. 30, according to a proxy filing at the time.