Youlife International Holdings and Distoken Acquisition announced today that they have entered into a definitive business combination agreement. Each will merge with newly-formed subsidiaries of Youlife Group, which will serve as the parent company following the completion of the deal. If approved, the combined company will be listed on the Nasdaq under the ticker symbol YOUL.
No financial details were included in the announcement and the SPAC has yet to file information on the deal with the SEC.
Youlife is a blue‑collar lifetime service platform in China. Operating under the brand name Youlan, Youlife integrates vocational education services, recruitment services, employee management services, and market services for blue-collar talent and businesses in China.
Distoken raised $60 million in a February 2023 IPO. The Asia-focused SPAC initially registered the offering with the SEC in September 2020, which at the time was expected to include 4 million units.
DLA Piper UK, Tian Yuan Law Firm and Haiwen & Partners are serving as legal counsel to Youlife. Ellenoff Grossman & Schole, Jingtian & Gongcheng and Fangda Partners are legal counsel to Distoken. Read more.
