<匯港通訊> The second-hand trading platform Carousell will reportedly merge with a special purpose acquisition company (SPAC) listed in the United States to form a company valued at US$2 billion (about HK$15.6 billion).
“Bloomberg” quoted sources as saying that SPAC L Catterton Asian Acquisition Corp. (LCAA), which is listed in the United States, is planning to conduct due diligence with Carousell in the next few weeks and intends to complete the signing of the merger agreement as early as this quarter. Carousell is currently valued at US$2 billion. Together with Grab, another Southeast Asian car-hailing company that has successfully merged with SPAC, it has become one of the recent large deals in the SPAC market.
The source also pointed out that the merger of Carousell and SPAC, or will introduce PIPE (private equity funds that invest in publicly listed companies), with an investment amount of several million U.S. dollars, but the specific figures have not been disclosed. In addition, relevant negotiations are ongoing, and there are still variables in the timetable and valuation. Spokespersons for Carousell and L Catterton Asian Acquisition Corp. declined to comment on the rumors.
L Catterton Asian Acquisition Corp. was established on January 5 last year. At that time, it raised 250 million US dollars (about 1.95 billion Hong Kong dollars). The main target of the merger was high-growth, consumer technology-related companies from the Asian region.
Headquartered in Singapore, Carousell currently operates 8 markets in Southeast Asia, Taiwan and Hong Kong, allowing users to buy and sell new and used products, including cars and buildings, fashion accessories, furniture and homeware, and even various furniture and business services. Carousell’s existing shareholders include Telenor Group, South Korea’s largest Internet service company Naver, Sequoia Capital, etc., and its valuation in the last round of financing in September last year was US$1.1 billion (approximately HK$8.58 billion). (BC)
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