Singapore TV licensing startup Allrites to merge with Aura SPAC

ALLRITES Holdings, a Singaporean film and television content rights marketplace, has agreed to go public through a merger with US-listed blank cheque firm Aura FAT Projects Acquisition.

The transaction will give Allrites an enterprise value of US$92 million on a pro forma basis, according to a statement seen by Bloomberg News. The deal also includes a potential US$18 million in earnout over two years, subject to the company achieving certain revenue targets. The agreement allows Aura Fat Projects to seek a private investment in public equity, or PIPE, before closing the transaction.

Allrites, founded by Australian former television producer Riaz Mehta, runs a content-as-a-service business for buyers of film and television licences. The Singapore-based company generates more than half its revenue in the US, according to the statement. 

Aura FAT Projects raised US$115 million in an initial public offering in April 2022. The special purpose acquisition company, sponsored by Australian private credit and venture capital firm Aura Group, has said it may pursue a business combination target in any business or industry, though it intends to focus on new emerging technology companies in South-east Asia and Australia. BLOOMBERG