SPAC Global Star Acquisition (NASDAQ:GLST) plans to merge with K Enter Holding, to expand their presence in the global entertainment industry.
The deal is valued at $610M and is expected to close in the late fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.
- Delaware-based K Enter Holdings Inc., has contracts to acquire seven entertainment companies in South Korea. It reported estimated combined revenue of ~$153M for 2022, according to the company.
- The move combines Global Star’s strengths and expertise in finance and the strength and expertise in the global entertainment industry of K Enter and the Seven Korean Entities.
- The parent of the combined company will be named ‘K Wave Media Ltd.’ and will be listed on The Nasdaq Stock Market.