SUBSPAC

Today we cover: $AGC, $GBRG, $DDMX and more…

Grab Acquires 90% Stake in OVO Digital Wallet 

Grab is firing on all cylinders ahead of its SPAC deal and is now increasing its stake in Indonesian digital payments firm OVO from 39% to 90% after buying the stake from conglomerate Lippo.

OVO is valued at roughly $2 billion, making Grab’s acquisition value between $500 million and $1 billion. OVO is currently Indonesia’s biggest digital wallet with a 38% stake in the country.

Indonesia’s population is largely unbanked, with 50% of the country lacking a bank account and instead rely on smartphones for financial services. A study conducted last year found that the digital economy in Indonesia is projected to hit $124 billion by 2025, justifying Grab’s increased stake in OVO.

Grab, which is headquartered in Singapore, plans to go public in the largest SPAC deal to date with Altimeter Growth Corp in a deal that values the firm at $40 billion.


AgiiPlus Announces $578 Million SPAC Deal 

Work solutions provider AgiiPlus, which targets quick-pivot enterprises in China and Singapore has entered into a SPAC agreement with Goldenbrigade Acquisition, in a deal that values the combined company at $578 million.

If the deal is approved by shareholders, the new company will be listed on the Nasdaq under the ticker ‘AGII’. The deal will generate $92.5 million in gross proceeds, which includes a $35 million PIPE commitment. Shareholders of AgiiPlus will be subject to a one-year lockup.


Codere Online Posts Strong Growth Ahead of SPAC Listing

Online sports betting and iGaming firm Codere Online reported strong revenue trends in key global markets.

The company’s total net gaming revenue for six months ended in June stood at €41.7m, which was up 33% from the €31.4m compared to last year. For the first half of the year, the company’s revenue in Spain, Mexico, and Columbia have increased 19%, 69%, and 134% respectively.

The company attributes growth slowdown in some markets to regulatory headwinds which limit its ability to offer player bonuses and other marketing activities but has also seen strong tailwinds in markets like Mexico and Colombia.

Codere Online is the subsidiary of operator Codere Group and is going public through a SPAC deal with DD3 Acquisition Corp in a transaction that values the firm at $350 million.


Reddit Reads

OWLT Receives a Warning from the FDA About Marketing its Smart Sock 

On October 1st, Owlet received a warning letter from the FDA, which asserts the company’s marketing of its Owlet Smart Sock product in the US renders the Smart Sock a medical device but hasn’t obtained approval from the FDA.

MBAC Says that Hackers Had Access to its System for 5 Years

Syniverse, a major telecom company that partners with AT&T and Verizon said that hackers had access to its system for over 5 years, exposing billions of texts.

Positive Attitudes


Edi Truell Restarts European SPAC Party 

Finance veteran Edi Truell is planning to list a SPAC in Amsterdam, which would get the ball rolling again in Europe after a mostly quiet summer.

Disruptive Capital Acquisition Corp will raise £125 million ($170.25 million) from the listing and will target financial services companies based out of Western or Northern Europe.

Truell is currently the director of the private equity firm Disruptive Capital and is also the co-founder of the Pension SuperFund.

The market for SPACs in Europe has diminished dramatically in recent months due to regulatory scrutiny and increased investor skepticism but could make a comeback soon.


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