Synagistics, a digital commerce service provider in Southeast Asia, is set to list on the Hong Kong stock exchange through a merger with a special-purpose acquisition company (SPAC) backed by Norman Chan Tak-lam, the former CEO of the Hong Kong Monetary Authority (HKMA). The deal values Synagistics at HK$3.5 billion (US$448 million) and includes a private investment in public equity (PIPE) with nine investors, including a fund managed by Oakwise Capital Management and a subsidiary of Hong Kong Telecommunications. Haitong International Capital and CMB International Capital have been appointed as the joint sponsors of the deal. Synagistics, founded in 2014, provides integrated digital commerce solutions to over 600 brand partners and is backed by Alibaba Group Holding and Gobi Partners. It recorded a gross profit of S$31.7 million (US$23.4 million) and revenue of S$126.6 million in 2023. The company ranks second among all digital commerce solutions platforms in Southeast Asia in terms of revenue. The merger with the SPAC will allow Synagistics to access the public market and raise funds for further expansion [67d7d99a].
The merger between Synagistics and the SPAC backed by Norman Chan Tak-lam, the former CEO of the HKMA, will enable Synagistics to list on the Hong Kong stock exchange. The deal includes a PIPE with nine investors, including Oakwise Capital Management and a subsidiary of Hong Kong Telecommunications. Haitong International Capital and CMB International Capital will serve as the joint sponsors of the deal. Synagistics, founded in 2014, offers integrated digital commerce solutions and has a strong presence in Southeast Asia. The company is supported by Alibaba Group Holding and Gobi Partners and has achieved significant revenue growth. By going public, Synagistics aims to raise capital for expansion and continue its global expansion efforts [67d7d99a].
Synagistics, a digital commerce service provider in Southeast Asia, is preparing for a listing on the Hong Kong stock exchange through a merger with a special-purpose acquisition company (SPAC) backed by Norman Chan Tak-lam, the former CEO of the HKMA. The deal values Synagistics at HK$3.5 billion (US$448 million) and includes a PIPE with nine investors, including Oakwise Capital Management and a subsidiary of Hong Kong Telecommunications. Haitong International Capital and CMB International Capital will act as the joint sponsors of the deal. Synagistics, which offers integrated digital commerce solutions, has a strong presence in Southeast Asia and is supported by Alibaba Group Holding and Gobi Partners. The company aims to leverage the merger to access the public market and raise funds for expansion [67d7d99a].
Synagistics, a digital commerce service provider in Southeast Asia, is set to list on the Hong Kong stock exchange through a merger with a special-purpose acquisition company (SPAC) backed by Norman Chan Tak-lam, the former CEO of the Hong Kong Monetary Authority (HKMA). The deal values Synagistics at HK$3.5 billion (US$448 million) and includes a private investment in public equity (PIPE) with nine investors, including a fund managed by Oakwise Capital Management and a subsidiary of Hong Kong Telecommunications. Haitong International Capital and CMB International Capital have been appointed as the joint sponsors of the deal. Synagistics, founded in 2014, provides integrated digital commerce solutions to over 600 brand partners and is backed by Alibaba Group Holding and Gobi Partners. It recorded a gross profit of S$31.7 million (US$23.4 million) and revenue of S$126.6 million in 2023. The company ranks second among all digital commerce solutions platforms in Southeast Asia in terms of revenue. The merger with the SPAC will allow Synagistics to access the public market and raise funds for further expansion [67d7d99a].
Global law firm Freshfields Bruckhaus Deringer advised Synagistics Pte. Ltd on its proposed de-SPAC transaction with HK Acquisition Corporation. The business combination agreement was signed and the transaction was announced on June 28, 2024. The de-SPAC transaction will result in the business combination of HK Acquisition Corporation and Synagistics, making Synagistics a subsidiary of HK Acquisition Corporation. Synagistics is a leading data-driven digital commerce solutions platform in Southeast Asia, ranking second in terms of revenue in 2023. The Freshfields team advising on the transaction was led by partners Grace Huang and Arun Balasubramanian [90864d12].