Allied Technologies has agreed to buy a 51 per cent majority stake in Singaporean e-commerce ticketing solutions platform Asia Box Office.
The precision manufacturing group said it has signed a binding memorandum of understanding with Platform Internet Capital on the deal. No other financial details of the deal were disclosed.
The deal puts Asia Box Office’s valuation at around $60m (£42m/€48m), and Singapore-based Allied Tech has to pay an initial deposit of $3.5m to Platform Internet Capital, the Business Times reports.
Asia Box Office operates an e-commerce ticketing solutions platform for venues and organisers that focuses on sports, entertainment and lifestyle events in Southeast Asia and Greater China.
The fee needs to be paid within seven working days of the signing of the agreement and is refundable if the acquisition falls through.
In a filing to the Singapore Exchange, Allied Tech said that the proposed acquisition is part of the group’s ongoing plans to “diversify its business and invest in the technology and services sectors”.
The completion of the proposed acquisition is subject to a series of conditions, including the conclusion of a sale and purchase of shares agreement, financial and legal due diligence, independent valuation and the attainment of shareholders’ approval for diversification of business into investment in technology and services.
In a statement, Allied said: With e-commerce at its core, ABO aims to become the leading ticketing gateway and event-marketing platform in Asia to partner with promoters, venues and event organisers and help them gain control of the key ingredients of success – ranging from content acquisition to marketing and to financial control and management. In the long run, ABO intends to build an ecosystem to support businesses that will enable it to receive multiple ancillary incomes through a range of services.”
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