Carousell allegedly talks to US list through $ 2 billion SPAC merger – Wired PR Lifestyle Story

It has been a Singapore-based online advertising marketing company Considering a US list As early as June 2021.

Today (January 2022), it is the company they have reported in “exclusive conversations” to the public L Catterton Asia Acquisition Corp. through a merger with a special purpose acquisition company (SPAC), according to people who know the subject.

This transaction can cost the combined entity up to $ 1.5 billion ($ 2 billion).

A SPAC is a white check, which is set up for private companies to raise capital. SPAC has grown in popularity because it greatly reduces the amount of time a company needs to be listed on the stock exchange.

Launched in 2009, L Catterton Asia is the largest pan-Asian private equity firm for consumers operating within a global company. Headquartered in Singapore, it has a strong regional presence with local offices and teams in Hong Kong, Mumbai, Shanghai, Sydney and Tokyo.

According to sources, SPAC is considering conducting a Carousell due diligence in the coming weeks.

He also plans to reach a merger agreement this quarter. Before that, the U.S. list is expected It will be the end of 2021.

Sources added that there are several considerations to be considered between the two sides before the end of the talks, which does not guarantee an agreement.

Strong growth with new financing, with purchases

In September last year, Carousell became a “unicorn” the valuation was $ 1.1 billion after its final round of funding.

STIC raised $ 100 million in a roundtable run by a South Korean private equity firm, which moved on from a previous $ 900 million valuation in fundraising last year.

Launched in 2012, Carousell’s other investors include Telenor Group, Rakuten Ventures, Naver and Sequoia Capital and Naspers.

After funding, Carousell also acquired Idi Street – One of the fastest growing markets for sneakers and streetwear in Southeast Asia – in exchange for an unrecognized number in October 2021.

This acquisition reinforces Carousell’s strategy to accelerate the growth of its trade in the region, as it continues its commitment to re-imagining the advertising experience to make it a second-hand option.

Carousell’s potential listing in the U.S. follows in the footsteps of Grab’s huge walk, which he has made his own. The US Nasdaq debuted in a $ 54 billion deal on December 2nd.

Grab’s valuation is the highest in the SPAC space to date, and the giant ride-hailing will receive about $ 6 billion ($ 4.5 billion) in cash.

There are other notable companies on the U.S. list Ninja Van and The car.

In Singapore, two SPAC – Temasek-sponsored Vertex Technology Acquisition Corp. (VTAC) and Pegasus Asia – will begin trading on the Singapore Exchange (SGX) later this month.

Featured Image Credit: Carousell