TikTok Rival Thriller Merges With Hong Kong Fintech Firm AGBA

Asian financial services company AGBA will acquire social video platform Thriller in a total transaction that values ​​the combined companies at $4 billion, according to the SEC filings released on Thursday (April 18).

In addition to its app of the same name, which has been compared to TikTok, Triller owns the artificial intelligence platform Amplify.ai, pay-per-view service FITE, fight company Bare Knuckle Fighting, influencer marketing software Julius and developer of Thuzio experiential events. including.

The boards of directors of both Triller and AGBA have approved the proposed transaction, which is now subject to regulatory and shareholder approvals prior to closing. The combined companies will be 80% owned by Triller shareholders and the remaining 20% ​​by current AGBA shareholders. Triller filed for an immediate listing on the New York Stock Exchange in August 2023 and again in January 2024. In the most recent S-1 filingthe listed company managing director Bobby Sarnevesht and Proxima Media, led by Hollywood financier Ryan Cavanagh, as founding partners. Other previously disclosed shareholders include former CEO Mahi de Silva. It is unclear who the current shareholders of Trillers are.

Shares of NASDAQ-listed AGBA closed at 40 cents on Wednesday and jumped after the merger announcement to $1.30 early Thursday before retreating to under a dollar later in the morning. Founded in 1993, AGBA operates in Hong Kong, where it says it serves more than 400,000 corporate and individual clients in the financial technology and healthcare sectors.

Leadership for the combined company will include Sarnevesht as CEO of Tiller, executive director of AGBA Wing-Fai Ng as Group CEO and former CEO of Barclays Bob Diamond as group president.

“Through this merger, we are poised to accelerate our innovation trajectory and significantly expand our market presence, creating unparalleled value for our users and stakeholders worldwide,” said Sarnevesht. “Additionally, with the transaction approved by both the company's boards of directors and majority shareholders, we believe this is the most effective route for Triller to access the public capital markets and secure the liquidity needed for rapid growth.”

Wing-Fai Ng said, “With a rich record history and bold moves, we believe Triller is now on the verge of an exciting future. Its innovative technology, combined with an aggressive and strategic business model, positions it not only as a formidable competitor to the tech giants, but also as a potential game changer in the industry. AGBA's expertise in extracting economic value from complex developments and rapid growth will provide the fuel for Triller's missile ships. Together, we have a lot to achieve.”

Wing-Fai Ng added that “we believe that Triller is now on the verge of an exciting future. Its breakthrough technology, combined with an aggressive and strategic business model, positions it not only as a formidable competitor to the tech giants, but also as a potential game-changer in the industry.”