Carley Olsen advised Glory Star New Media Group (Glory Star), a China-based mobile and online digital media and entertainment company, on its US$525 million acquisition by TKK Symphony Acquisition Corporation, a special-purpose acquisition company.
The transaction involved a share exchange agreement and the continued ordinary shares and warrants listing of TKK on the Nasdaq Capital Market under ticker symbols “GSMG” and “GSMGW” following its name change to Glory Star New Media Group Holdings.
The Singapore-based Carley Olsen team, led by partner Anthony McKenzie and supported by senior associate Alastair King and associate Maggie Yan, counselled Glory Star on all Cayman Islands legal and regulatory aspects of the share exchange and Nasdaq listing. They worked alongside lead counsel Lewis Brisbois Bisgaard & Smith and PRC counsel Grandall Law Firm.
“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,” said McKenzie. “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.”
EarlyBirdCapital acted as exclusive financial and capital markets adviser to TKK, and Ellenoff Grossman & Schole and Goodwin Procter acted as TKK’s legal advisers.
TKK was a blank check company incorporated on 5 February 2018 as a Cayman Islands exempted company, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.
Established in 2016, Glory Star is one of the largest providers of lifestyle video content in China, and is regarded as a pioneer in integrating e-commerce services with premium video content.