Latham & Watkins Represents Placement Agents in PIPE in Connection With Kredivo’s deSPAC Merger With VPC Impact Acquisition Holdings II
FinAccel, the parent of Kredivo, the leading AI-enabled digital consumer credit platform in Southeast Asia, and VPC Impact Acquisition Holdings II, a special purpose acquisition company sponsored by Victory Park Capital (VPC), have announced that they have entered into a definitive agreement for a business combination that will result in FinAccel becoming a publicly traded company with an expected pro forma equity value of approximately US$2.5 billion, assuming no redemptions.
It is expected to result in over US$430 million of cash on the combined company’s balance sheet, reflecting a contribution of up to US$256 million of cash held in VPCB’s trust account (assuming none of VPCB’s stockholders redeem their shares), a US$120 million concurrent private placement (PIPE) led by Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital, and sponsor VPC, with a concurrent equity commitment of $55 million from existing FinAccel investors NAVER and Square Peg. The business combination is expected to close no later than the first quarter of 2022.
Latham & Watkins LLP represented the placement agents in the PIPE with a capital markets team led by New York partner Erika Weinberg and Singapore partner Michael Sturrock, with New York associate Regan Devers and Hong Kong associate Brian Chae.