AMTD Group's IDEA Group (AMTD) and AMTD Digital (HKD) have agreed to merge their World Media and Entertainment Universal subsidiary with special purpose acqusition company Black Spade Capital's subsidiary Black Spade Acquisition II, to bring World Media and Entertainment public.
The deal values WME at an equity value of about $488 million, not including $153 million in cash held in trust by the special purpose acquisition company. After the transaction, existing WME shareholders, including AMTD Idea Group and AMTD Digital, will hold more than 70% of the merged company's voting shares -- assuming no Black Spade Acquisition II shareholders elect to redeem their shares for cash, as permitted under terms of the deal, the companies said.
The merger and public listing is expected to close by mid-2025, subject to regulatory and shareholder approvals and other customary conditions.
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