Harneys and K&L Gates have advised 17Live Holding on its revolutionary merger with Singapore-listed special purpose acquisition company (SPAC), Vertex Technology Acquisition Corporation Ltd.
This groundbreaking de-SPAC merger is the first acquisition of a private company by a SPAC listed in Singapore, signalling a significant milestone in the region’s business landscape. The combined entity is set to command a valuation of approximately USD1.16 billion.
K&L Gates acted as global lead counsel for 17LIVE Holding in the deal, with corporate partner William Ho in Hong Kong leading the cross-practice and cross-jurisdictional team.
Harneys partner Raymond Ng, who led the legal team, expressed immense satisfaction in aiding the live streaming platform to achieve this significant milestone. Having collaborated with 17Live since 2020, he emphasised the pleasure of witnessing the platform’s growth and voiced enthusiasm for future collaboration, continuing to offer unwavering legal and corporate services.
Ho, of K&L Gates, also had the support of associates Eva Ying, Dorothy Hung, Prudence Pang, Amy Lau and others. Ho said: “We are privileged to have advised our longstanding client 17LIVE on this landmark deal, which involved lawyers from six of our offices. The firm’s fully integrated global network was instrumental in ensuring matters ran smoothly.”
A de-SPAC merger allows a SPAC to put its money into a private operating company that will then trade in the public market. Once the merger is complete, the operating company becomes the surviving entity and the SPAC dissolves.
Founded in Taiwan in 2015, 17Live connects users with virtual and live streamers who generate fashion, games, music, and other content through personalised search and recommendations.