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 terms of the deal stipulate that VTAC will acquire 17LIVE’s shares for S$925.1 million, which will be fulfilled through the issuance of up to 160.6 million new shares in VTAC at an issue price of S$5.0 per share upon completion. Additionally, there is a provision for the issuance of up to 24.4 million new shares at the same price, contingent upon the satisfaction of certain financial targets. This complex transaction required a coordinated effort from K&L Gates' cross-practice and cross-jurisdictional team, which included legal experts from multiple offices, ensuring compliance with various legal frameworks across Taiwan, Japan, and Singapore. The successful of this landmark deal not only positions 17LIVE for future growth but also highlights K&L Gates' extensive capabilities in handling intricate cross-border transactions, leveraging its fully integrated global network to facilitate a smooth process.
Measurable Results
Successfully completed $1.16B transaction