Latham & Watkins Represents Placement Agents in PIPE in Connection with Kredivo’s deSPAC Merger with VPC Impact Acquisition Holdings II

Cross-border capital markets team from US and Asia advised on the PIPE.

August 04, 2021

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.

 
 
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