Singapore-based firm behind Uplive and Lamour to list on NYSE via SPAC merger with Magnum Opus
- The special-purpose acquisition deal for Asia Innovations Group, expected to close in the first quarter, values the merged entity at US$2.5 billion
- Magnum Opus in June ended an agreement to buy the American publisher of Forbes magazine
Asia Innovations Group (ASIG), the tech start-up behind live streaming service Uplive and dating app Lamour, is set to become a publicly listed company on the New York Stock Exchange through a merger with Magnum Opus Acquisition.
The special-purpose acquisition company (SPAC) deal is expected to close in the first quarter of 2023. The estimated value of the company once merged is US$2.5 billion. Existing shareholders of ASIG will own 84 per cent of the combined company.
“The proposed merger will combine the best of macro growth in emerging markets, and the benefits of being a publicly listed company in the US to transform ASIG into a global mobile powerhouse,” said Andy Tian, chief executive officer of ASIG.
ASIG’s flagship product Uplive has become one of the most popular global live social platforms, with 230 million registered users as of June 2021.
Its recent products include two global dating apps, CuteU and Lamour. Both apps feature many of the innovations from Uplive, such as real-time translation, virtual gifts, and video and voice calling functions.