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Seamless Group Inc. to Combine with Infint Acquisition to Go Public
Friday 05 August 2022

Chicago-based fintech platform Seamless Group Inc. has entered into a definitive business combination agreement with New York-based special purpose acquisition corp. Infint acquisition Corp. (NASDAQ: IFIN) that is expected to result in a newly-combined company that trades publicly under a new company name, the company said.

The transaction values Seamless at an enterprise value at closing of USD 400m.

In connection with the transaction, the aggregate consideration to be paid to Seamless' equity holders will be USD 400m of rollover equity.

Assuming no redemptions by Infint existing public shareholders, the company will have up to USD 189m of cash on its balance sheet following the transaction, which is expected to provide financial flexibility and facilitate organic and inorganic growth opportunities.

Seamless delivers global financial inclusivity for the unbanked and migrant workers in South East Asia.

Under the Seamless solutions umbrella are Tranglo, one of Asia's leading cross-border payment hubs that provides smart services not only for airtime top-ups, but also foreign remittance and business payments, and WalletKu, a fintech application that aims to help Indonesian micro, small and medium enterprises develop digital selling businesses.

ARC Group Ltd. is acting as sole financial and M and A advisor to Infint. Nelson Mullins Riley and Scarborough LLP is acting as legal counsel to Seamless. Greenberg Traurig, LLP is acting as legal counsel to Infint.
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Date Published: 05/08/2022

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