M&A Advisory
K&L Gates
Full Credential Description
K&L Gates LLP served as global lead counsel to 17LIVE Holding, a live-streaming social entertainment platform, in its proposed business combination with Vertex Technology Acquisition Corporation Ltd (VTAC), a technology-focused special purpose acquisition company (SPAC) in Singapore. This transaction is significant as it represents the first acquisition of a private company by a SPAC listed in Singapore since the Singapore Exchange Security Trading Ltd (SGX-ST) permitted SPACs to float shares in 2021. The deal values the combined entity at approximately S$1.16 billion and involves the listing of 17LIVE on the SGX-ST. The specific challenges faced by 17LIVE included navigating the complexities of a de-SPAC transaction and ensuring compliance with the regulatory requirements of the SGX-ST. K&L Gates provided a tailored solution by leveraging its cross-practice and cross-jurisdictional expertise, involving lawyers from six different offices to address the multifaceted legal aspects of the deal. The firm structured the acquisition, which entails VTAC acquiring 17LIVE’s shares for S$925.1 million, satisfied through the issuance of new shares in VTAC, contingent upon meeting certain financial targets. The successful execution of this landmark deal not only positions 17LIVE for future growth but also marks a pivotal moment in the Singaporean SPAC landscape, showcasing the firm's capability to facilitate complex international transactions.
Measurable Results
Successfully completed $1.16B transaction