DLA Piper assisted Bridgetown Holdings' Merger with MoneyHero Group
DLA Piper has provided advisory services to the Special Committee of the Board of Directors of Bridgetown Holdings, a special purpose acquisition company established in collaboration between Pacific Century Group and Thiel Capital. The advisory pertains to the company's upcoming business combination with MoneyHero Group.
The business combination between Bridgetown Holdings and MoneyHero Group values the latter at a pre-money enterprise value of $200 million. After the transaction is completed, the combined company will have an estimated post-transaction enterprise value of approximately $342 million, given that there are no redemptions by Bridgetown's public shareholders. Following the closing of the transaction, the merged entity will be listed on NASDAQ and publicly traded under the ticker symbols "MNY" and "MNYWW."
The transaction is projected to conclude in the third or fourth quarter of 2023, pending regulatory approval and fulfilment of other customary closing conditions.
DLA Piper's role as the legal adviser in numerous de-SPAC transactions worldwide highlights the firm's expertise and experience in handling such deals. The multi-jurisdictional nature of this particular transaction showcases the strength of DLA Piper's global network and its ability to navigate cross-market capital markets with proficiency.
“We are delighted to support the Special Committee of the Board of Bridgetown on this transaction, which enables the combined company to access the US capital markets and unlock its potential,” said David Kuo, Lead Partner for the transaction at DLA Piper based in Singapore.
In assisting David, the team from DLA Piper included Karen Lee, who served as an Associate based in Singapore, along with James Chang, a Partner from Beijing. Alexander Zhou, an Of Counsel from Hong Kong, and Stephanie Zhang, a Consultant from Beijing, also provided their valuable support to the project.