2020-11-27 08:37:52 AGBA AGBA Acquisition
11/27/20 11/2708:37 11/27/2008:37 | AGBA Acquisition enters term sheet for purchase of Platform Business of ConvoyAGBA Acquisition announced that it entered into a non-binding term sheet for a business combination with certain businesses that are currently part of Convoy Global Holdings Limited, a Hong Kong-listed diversified financial holding company, on November 25. These business include Convoy's independent financial advisory business and its platform businesses, which include B2B, FinTech, Retail and Healthcare platforms. Under the contemplated transaction, AGBA will acquire from Convoy 100% of the Platform Business and take a 30% shareholding in the IFA Business. In exchange, Convoy or its affiliate will receive (i) 30,000,000 newly issued shares of the post-combined company, with a deemed price per share of $10.00 plus (ii) $100M in cash, for an aggregate consideration of approximately $400M. Upon closing of Transaction, AGBA plans to remain NASDAQ-listed and trade under a new ticker symbol. |
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