Allrites Holdings Pte, a Singaporean film and television content rights marketplace, has agreed to go public through a merger with US-listed blank check firm Aura FAT Projects Acquisition Corp.
(Bloomberg) — Allrites Holdings Pte, a Singaporean film and television content rights marketplace, has agreed to go public through a merger with US-listed blank check firm Aura FAT Projects Acquisition Corp.
The transaction will give Allrites an enterprise value of $92 million on a pro forma basis, according to a statement seen by Bloomberg News. The deal also includes a potential $18 million in earnout over two years, subject to the company achieving certain revenue targets. The agreement allows Aura Fat Projects to seek a private investment in public equity, or PIPE, before closing the transaction.
Allrites, founded by Australian former television producer Riaz Mehta, runs a content-as-a-service business for buyers of film and television licenses. The Singapore-based company generates more than half its revenue in the US, according to the statement.Â
Aura FAT Projects raised $115 million in an initial public offering in April 2022. The special purpose acquisition company, sponsored by Australian private credit and venture capital firm Aura Group Pte, has said it may pursue a business combination target in any business or industry, though it intends to focus on new emerging technology companies in Southeast Asia and Australia.
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