Malaysian fintech SuperApps to merge with SPAC TETE in $1.1B deal (NASDAQ:TETE)

Malaysian fintech SuperApps Holdings intends to go public by a merger with SPAC Expertise and Telecommunications Acquisition Corp. (NASDAQ:TETE) that pegs the enterprise worth of the mixed firm at round $1.1B.

The deal is slated to shut through the first half of 2023, with shares of the mixed firm, to be known as TETE Applied sciences, buying and selling on Nasdaq underneath the image TETE. The mixed firm is anticipated to generate income of roughly $348M for 2023, the businesses mentioned.

The businesses added that the merger will enable SuperApps to fund growth of its cost methods operations all through Southeast Asia.

Previous to the merger, SuperApps additionally intends to purchase a 60% stake in fintech MobilityOne’s OneShop Retail unit. As a part of the deal, MobilityOne will grant a long-term license for sure mental property that OneShop makes use of in its operations. The OneShop transaction is slated to shut earlier than SuperApps’ merger with TETE.

SuperApps has additionally entered right into a collaboration settlement with a subsidiary of Malaysia’s Angkasa that can enable OneShop to function its cost assortment system by Angkasa licensed sellers. The deal will change into efficient upon closing of the merger.

TETE went public in January after elevating $100M with the intent of securing a enterprise mixture with a tech or telecom firm in Malaysia.