Global Technology Acquisition I and Tyfon Culture Holdings, a Chinese art marketplace, today announced a definitive business combination agreement at a post-transaction enterprise value of $434 million.
If approved, the deal is expected to close in the second half of 2024 and Tyfon Culture will list on the Nasdaq under the ticker symbol TFCI.
The $428 million pre-money equity value for Tyfon assumes there would be 57% redemptions by the SPAC’s public shareholders and an anticipated $10 million PIPE investment.
Tyfon is a leading art marketplace in China, with a proprietary O2O business model that combines the benefits of in-person art experiences and exhibitions with an innovative online marketplace that offers greater transaction efficiencies, authentication, traceability, and data repository. Tyfon has demonstrated very significant growth in the contemporary Chinese art market (artworks created after 1949), with Tyfon becoming the largest painting trading intermediary in China, as measured by transaction value in 2022, according to a Frost & Sullivan report. The company posted $906 million in gross merchandise value transacted on the platform from 2021 through 2023 and over 110,000 registered users as of 2023.
There is no minimum cash condition “due to Tyfon’s healthy balance sheet position,” the parties said. Read more.
