Malaysian fintech SuperApps Holdings intends to go public through a merger with SPAC Technology and Telecommunications Acquisition Corp. (NASDAQ:TETE) that pegs the enterprise value of the combined company at around $1.1B.
The deal is slated to close during the first half of 2023, with shares of the combined company, to be called TETE Technologies, trading on Nasdaq under the symbol TETE. The combined company is expected to generate revenue of approximately $348M for 2023, the companies said.
The companies added that the merger will allow SuperApps to fund expansion of its payment systems operations throughout Southeast Asia.
Prior to the merger, SuperApps also intends to buy a 60% stake in fintech MobilityOne's OneShop Retail unit. As part of the deal, MobilityOne will grant a long-term license for certain intellectual property that OneShop uses in its operations. The OneShop transaction is slated to close before SuperApps' merger with TETE.
SuperApps has also entered into a collaboration agreement with a subsidiary of Malaysia's Angkasa that will allow OneShop to operate its payment collection system through Angkasa authorized dealers. The deal will become effective upon closing of the merger.
TETE went public in January after raising $100M with the intent of securing a business combination with a tech or telecom company in Malaysia.