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‘Netflix of Indonesia’ In Talks to Merge with Malacca SPAC
February 24, 2021, 10:24 PM CST

PT MNC Vision Networks Tbk is in talks to merge Vision+, its streaming television business known to consumers as the “Netflix of Indonesia,” with blank-check company Malacca Straits Acquisition Co., according to people with knowledge of the matter.

In addition to Vision+, known as an over-the-top or OTT media service, MNC Play, an Indonesian broadband and TV box provider that’s also part of MNC Vision Networks, is set to be included in the transaction, said some of the people, who asked not to be identified because the matter is private. MNC, controlled by Indonesian tycoon Hary Tanoesoedibjo, is poised to roll its equity into the transaction, making it the largest shareholder of the combined entity, they said.

Malacca Straits has begun discussions with investors including Ray Zage’s Tiga Investments as it seeks to raise $50 million or more in new equity to support a transaction that’s set to give the combined company an enterprise value of around $600 million, said some of the people. A transaction could be announced as soon as next month, but as with any deal that hasn’t been finalized, it’s possible terms can change or talks fall apart.

https://www.bloomberg.com/news/articles/2021-02-25/-netflix-of-indonesia-said-in-talks-to-merge-with-malacca-spac?sref=QwUUmmsp