- Proposed acquisition of selected assets of Fatfish for A$12.3million, subject to shareholders’ and board approvals, due diligence, fair value audit and definitive agreements
- Fatfish and Fatfish leaders will continue to manage selected assets post-acquisition
- Fatfish will continue to hold certain investments directly, including interest in iCandy Interactive and Fintech Asia Group
- The transaction will significantly expand Mountain’s global footprint through Fatfish’s presence in Asia
Fatfish Internet Group (Fatfish) has entered into a non-binding term sheet with tech company builder Mountain Partners (Mountain), in a transaction to form a strategic and financial alliance that will see Fatfish become a key strategic partner of Mountain in Southeast Asia. The term sheet is subject to a detailed and satisfactory due diligence process over the next months. Closing is expected in Q416.
As part of the transaction, Mountain intends to acquire 100% of a special purpose vehicle (SPV) comprised of selected assets held by Fatfish and will then form a joint venture (JV) to be branded as Mountain Asia which will be majority-owned by Mountain. The JV will manage Mountain’s investment and company building hubs in Southeast Asia for the implementation of Mountain’s global strategy for the rollout of leading digital and technology businesses. The JV shall also support the growth of the portfolio of the SPV and that of Mountain’s in the region. Fatfish and Fatfish leaders will be spearheading the operation of the JV.
Conditional on a satisfactory due diligence and fair value audit, the acquisition of the selected assets from Fatfish will be for a consideration of US$9.2 million. The consideration will be in the form of Mountain shares and cash.
Meanwhile, Fatfish will continue to hold certain of its investments directly (outside of the selected assets to be acquired by SPV). These investments will include Fatfish’s interest in iCandy Interactive, Fintech Asia Group and other investments.
Mountain Partners is a globally operating company builder headquartered in Switzerland. To date the company has been involved in starting and funding over 150 technology businesses. Mountain Partners has developed a system to incubate, grow and internationalise technology businesses from great ideas to global presence and to create market leaders through close co-operation with local co-investors and an expanding network of international hubs.
Mountain Partners and its founders have created more than 11,000 jobs in 22 countries through financing and building of over 200 technology and internet companies. Notable companies are buyVIP (acquired by Amazon), Lieferando (acquired by Takeaway.com) and Secusmart (acquired by Blackberry).
This proposed cross-continent partnership pays recognition to the strong capability of the Fatfish team in building and developing technology businesses in Southeast Asia. Fatfish and Mountain, working together through the partnership, intend to be a leading player in the region. The partnership provides a stronger global platform for both Mountain and Fatfish to work with a wider international network of resources to build global businesses on an accelerated pace.
This proposal is unanimously recommended by the Directors of Fatfish and has received preliminary approval by the Board of Directors of Mountain Partners. The proposal will be subject to approval of Fatfish’s shareholders, further due diligence of the parties involved, and the sign off on definitive agreements by Fatfish and Mountain.
- Fatfish and Fatfish leaders will continue to manage selected assets post-acquisition
- Fatfish will continue to hold certain investments directly, including interest in iCandy Interactive and Fintech Asia Group
- The transaction will significantly expand Mountain’s global footprint through Fatfish’s presence in Asia
Fatfish Internet Group (Fatfish) has entered into a non-binding term sheet with tech company builder Mountain Partners (Mountain), in a transaction to form a strategic and financial alliance that will see Fatfish become a key strategic partner of Mountain in Southeast Asia. The term sheet is subject to a detailed and satisfactory due diligence process over the next months. Closing is expected in Q416.
As part of the transaction, Mountain intends to acquire 100% of a special purpose vehicle (SPV) comprised of selected assets held by Fatfish and will then form a joint venture (JV) to be branded as Mountain Asia which will be majority-owned by Mountain. The JV will manage Mountain’s investment and company building hubs in Southeast Asia for the implementation of Mountain’s global strategy for the rollout of leading digital and technology businesses. The JV shall also support the growth of the portfolio of the SPV and that of Mountain’s in the region. Fatfish and Fatfish leaders will be spearheading the operation of the JV.
Conditional on a satisfactory due diligence and fair value audit, the acquisition of the selected assets from Fatfish will be for a consideration of US$9.2 million. The consideration will be in the form of Mountain shares and cash.
Meanwhile, Fatfish will continue to hold certain of its investments directly (outside of the selected assets to be acquired by SPV). These investments will include Fatfish’s interest in iCandy Interactive, Fintech Asia Group and other investments.
Mountain Partners is a globally operating company builder headquartered in Switzerland. To date the company has been involved in starting and funding over 150 technology businesses. Mountain Partners has developed a system to incubate, grow and internationalise technology businesses from great ideas to global presence and to create market leaders through close co-operation with local co-investors and an expanding network of international hubs.
Mountain Partners and its founders have created more than 11,000 jobs in 22 countries through financing and building of over 200 technology and internet companies. Notable companies are buyVIP (acquired by Amazon), Lieferando (acquired by Takeaway.com) and Secusmart (acquired by Blackberry).
This proposed cross-continent partnership pays recognition to the strong capability of the Fatfish team in building and developing technology businesses in Southeast Asia. Fatfish and Mountain, working together through the partnership, intend to be a leading player in the region. The partnership provides a stronger global platform for both Mountain and Fatfish to work with a wider international network of resources to build global businesses on an accelerated pace.
This proposal is unanimously recommended by the Directors of Fatfish and has received preliminary approval by the Board of Directors of Mountain Partners. The proposal will be subject to approval of Fatfish’s shareholders, further due diligence of the parties involved, and the sign off on definitive agreements by Fatfish and Mountain.
posted from Bloggeroid
No comments:
Post a Comment