AMTD International to acquire majority stake in AMTD Digital, eyes metaverse
AMTD International HKB : HKB 0%, which is dual-listed in New York and Singapore, is looking to take a majority stake in AMTD Digital in a deal which values the digital solutions platform at US$1.2 billion.
The Hong Kong headquartered investment banking firm is looking to raise its stake to 97.1 per cent from 14.4 per cent by buying 31.7 million Class A shares and 24.2 million Class B shares of AMTD Digital - a subsidiary of AMTD Group.
The sellers of these shares are certain strategic and institutional AMTD Digital shareholders; AMTD Group and its affiliates; as well as an affiliate of AMTD Group chairman Calvin Choi, AMTD International said in a press statement on Tuesday (Jan 25).
The transactions, which are expected to conclude in early 2020, are subject to certain closing conditions. When completed, AMTD Digital will become a subsidiary of AMTD International. AMTD Digital chairman Timothy Tong will join AMTD International's board as an independent director.
The proposed acquisition will allow AMTD International to have a comprehensive suite of financial services infrastructure and licences as well as an Asia digital solutions platform in Asia with global reach - spanning digital media, content and marketing. This includes L'Officiel, a global fashion media group.
AMTD International will also have digital ecosystems comprising members and alliance partners who work closely or in partnership with AMTD Group to enter into the metaverse to deliver their offerings.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
All of the above will result in the birth of AMTD Idea Group, which combines AMTD International's financial services capabilities and network, with AMTD Digital's ideas and tools, said AMTD International chief executive William Fung.
AMTD International listed on the New York Stock Exchange in August 2019 and later on the Singapore Exchange's mainboard in April 2020.
Its counter last traded at S$12.50 on Jan 19.
READ MORE:
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
ARA H-Trust Q1 net property income up marginally to US$6.4 million
HSBC has no plans to dispose of further businesses, chairman says
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Venture posts lower Q1 net profit of S$60.1 million on weaker demand
YHI International COO and subsidiary charged with alleged failure to ensure employee safety, causing death