Source from Digital News Asia
AUSTRALIAN Securities Exchange-listed Fatfish Internet Group Limited said it is entering into a strategic and financial alliance with Swiss-based venture capital firm Mountain Partners AG.
The two companies have entered into a non-binding term sheet, that pending various approvals, will see Fatfish become a strategic partner of Mountain in South-East Asia.
Pending due diligence and fair value audit, the acquisition of selected assets from Fatfish will be for US$9.2 million consisting of Mountain shares and cash.
As part of the transaction, Mountain intends to acquire 100% of a special purpose vehicle (SPV) comprising 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.
Fatfish and Fatfish leaders will be spearheading the operation of the JV.
The JV will manage Mountain’s investments in South-East Asia and execution of its global strategy for the rollout of leading digital and technology businesses. The JV shall also support the growth of the SPV’s portfolio and that of Mountain’s in the region….
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