27 February 2020
Carey Olsen advises Glory Star in US$525 million acquisition by TKK
Lawyers from Carey Olsen's corporate team in Singapore have advised Glory Star New Media Group Limited (Glory Star) on its US$525 million acquisition by TKK Symphony Acquisition Corporation (TKK), a special purpose acquisition company, by way of a share exchange agreement and the continued listing of TKK on the Nasdaq Capital Market under ticker symbols 'GSMG' and 'GSMGW' following the name change to Glory Star New Media Group Holdings Limited.
Established in 2016, Glory Star is a leading mobile and online digital media and entertainment company in China. As one of the largest providers of lifestyle video content in the country, it is regarded as a fintech pioneer in integrating e-commerce service with premium video content.
Working alongside lead counsel Lewis Brisbois Bisgaard & Smith LLP and PRC counsel Grandall Law Firm, Carey Olsen advised Glory Star on all Cayman Islands legal and regulatory aspects of the share exchange and Nasdaq listing. The team was led by partner Anthony McKenzie, assisted by senior associate Alastair King and associate Maggie Yan.
Anthony said: "This is a major deal in China's thriving consuming media sector and we are delighted to have supported Glory Star in bringing it to fruition. Transactions like this also provide the opportunity to demonstrate Carey Olsen's M&A expertise in the Asia markets and the firm's ability to advise on deals of this size and complexity."