Vietnam's VNG Corp in talks to go public via SPAC merger
Vietnam’s VNG Corp., whose investors include a unit of Singaporean sovereign wealth fund GIC Pte, is considering going public in the U.S. through a reverse merger with a SPAC. The online gaming and technology firm is working with financial advisers to hold discussions with SPACs for a potential deal for. a transaction value of $2 billion to $3 billion.
Founded in 2004 as a gaming firm, VNG’s products reach over 80 million users, according to its website. Its gaming arm develops and publishes its own titles as well as local versions of international hits such as PUBG Mobile, the unit’s site shows. It also runs messaging app Zalo and e-wallet ZaloPay, as well as cloud computing and other communications services.
A deal would see VNG join other Southeast Asian firms in seeking U.S. listings through mergers with SPACs. Singaporean online real estate firm PropertyGuru Pte agreed to a $1.8 billion SPAC deal in July, while Indonesia’s Traveloka is in talks to raise funds for a listing via a SPAC.Read more