All-Stock Deal Values Merged Companies at $4B

Jakub Porzycki/NurPhoto via GI

Asian financial services firm AGBA will acquire social video platform Triller in an all-stock transaction that values the merged companies at $4 billion, according to SEC filings released Thursday (April 18).

In addition to its eponymous app, which has been compared to TikTok, Triller owns generative AI platform Amplify.ai, pay-per-view service FITE, bare-knuckle fighting company Bare Knuckle Fighting, influencer marketing software Julius and experiential events planner Thuzio, among others.

The boards of both Triller and AGBA have approved the proposed transaction, which is now subject to regulatory and stockholder approvals before closing. The combined companies will be 80% owned by Triller stockholders and the remaining 20% by current shareholders of AGBA. Triller filed for a direct listing on the New York Stock Exchange in August 2023 and again in January 2024. In its most recent S-1 filing, the company listed CEO Bobby Sarnevesht and Proxima Media, led by Hollywood financier Ryan Kavanagh, as founding partners. Other previously disclosed shareholders include former CEO Mahi de Silva. It is not clear who Trillers’ current shareholders are.

Shares of NASDAQ-listed AGBA closed at 40 cents on Wednesday and spiked following the merger announcement to $1.30 early Thursday before falling to under a dollar later in the morning. AGBA formed in 1993 and operates out of Hong Kong, where it says it serves over 400,000 corporate and individual clients in the financial tech and healthcare sectors.

The leadership for the combined company will include Sarnevesht as Triller CEO, AGBA executive director Wing-Fai Ng as group CEO and former Barclays CEO Bob Diamond as group chairman.

“Through this merger, we are poised to accelerate our innovation trajectory and significantly expand our market presence, creating unparalleled value for our users and stakeholders globally,” said Sarnevesht. “In addition, with the transaction approved by both company boards and majority shareholders, we believe this is the most efficient route for Triller to access public capital markets and secure the liquidity needed for rapid growth.”

Said Wing-Fai Ng, “With a rich history of setting records and making bold moves, we believe Triller is now on the brink of an exciting future. Its groundbreaking technology, coupled with an aggressive and strategic business model, positions it not just as a formidable competitor to tech giants but as a potential game-changer in the industry. AGBA’s expertise in capitalizing on financial value from complex developments and rapid growth will provide the fuel for Triller’s rocket ships. Together, we have a lot to accomplish.”

Wing-Fai Ng added that “we believe Triller is now on the brink of an exciting future. Its groundbreaking technology, coupled with an aggressive and strategic business model, positions it not just as a formidable competitor to tech giants but as a potential game-changer in the industry.”