Loeb & Loeb represented Technology & Telecommunication Acquisition Corporation, a publicly traded special purpose acquisition company, in its a definitive agreement and plan of merger for a business combination with Super Apps Holdings, a Malaysian private limited company, that will result in Super Apps becoming a publicly listed company.
Upon closing of the transaction, the combined company will operate under the name TETE Technologies and is expected to remain listed on the Nasdaq Stock Market under the ticker symbol “TETE.” The transaction reflects an estimated pro forma enterprise value for the combined company of approximately $1.1 billion. In addition, TETE Technologies will retain Super Apps Holdings’ management team after the transaction closes in the first half of 2023.
In conjunction with the business combination, Super Apps entered into a share sale agreement with MobilityOne pursuant to which Super Apps agreed to purchase 60% of MobilityOne’s ownership interest in OneShop Retail in a transaction that will close prior to the consummation of the business combination. MobilityOne has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution channels such as electronic data capture terminals, short messaging services, automated teller machines and internet banking services.
The Loeb deal team that represented Technology & Telecommunication Acquisition in the transaction included Mitch Nussbaum, co-chair of the firm’s Capital Markets & Corporate department; Capital Markets partner Alex Weniger-Araujo; Capital Markets & Corporate assistant deputy chair Ronelle Porter; and Capital Markets senior counsel Terry Bokosha.