Dual-listed AMTD IDEA Group's (SGX:HKB) subsidiary, World Media and Entertainment Universal and Black Space Acquisition II, have entered into a business combination agreement, according to a filing with the Singapore Exchange on Monday.
Under the agreement, World Media and Entertainment Universal will be listed on a US stock exchange.
The business combination values the subsidiary at about $488 million.
The transaction is expected to be completed in mid-2025, subject to regulatory and shareholder approvals.
Following the transaction, existing shareholders of the subsidiary and that of AMTD IDEA Group and AMTD Digital are expected to hold more than 70% of the voting share of the combined company.
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