JVSPAC Acquisition announced a merger agreement with Singapore-based Hotel101, a subsidiary of Philippine-listed investment firm DoubleDragon, at an implied $2.3 billion equity value.
The deal includes 500,000 earnout shares if certain financial milestones are reached in 2025.
If the deal is approved, the combined company is expected to list on the Nasdaq under the ticker symbol HBNB.
DoubleDragon currently has total assets of about $3 billion, with a portfolio that spans over one million square meters of gross floor area principally from provincial community malls, office buildings, a chain of industrial warehouse complexes and the chain of hotels.
DoubleDragon has been listed on the Philippine Stock Exchange since 2014 and is controlled by two entities that own a combined 70% majority stake: Injap Investments, which is a private family holding company led by Filipino Entrepreneur Edgar “Injap” Sia II, who is also chairman of MerryMart Consumer Corp. and founder of Mang Inasal, one of the largest QSR fast food chains in the Philippines which is now under Jollibee Foods; and Honeystar Holdings, a private family holding company led by Filipino Entrepreneur Tony Tan Caktiong, who is also the chairman and founder of the global QSR fast food chain Jollibee Foods. Read more,
