Home » What’s Up: Week of Sept. 6th

What’s Up: Week of Sept. 6th

Packable agrees $1.55 billion SPAC merger

Packable has agreed to merge with Highland Transcend Partners I Corp, a special purpose acquisition company (SPAC), in a deal that values the combined company at $1.55 billion, reports Reuters.

Founded in 2010, it is one of the largest third-party retailers in the United States, selling mostly health and beauty products through large online marketplaces, including Amazon, eBay, Google, Walmart and Target. The Hauppauge, New York-based company generated $373 million in revenue in 2020 and expects that to reach $456 million this year.

As part of the merger deal, Packable’s existing shareholders will receive 71% of the combined company, Highland Transcend SPAC founders and investors will own 19%, while PIPE investors get the remaining 11%.

Sea is looking to raise $6.3 billion  

E-commerce and gaming company Sea is looking to raise $6.3 billion in a share and convertible bond sale in Southeast Asia’s largest ever capital raising, reports Reuters.

This is the second major fund raising in less than a year for the $185 billion company. It is also raising $2.5 billion in a convertible bond that has a $375 million greenshoe attached.

Sea, the biggest among all Southeast Asian companies by market value, plans to use the proceeds for general corporate purposes, including strategic investments and acquisitions.

Fintech group ION raises offer for Italy’s Cerved to $2.44 billion

Fintech group ION’s vehicle Castor Bidco would bump its offer for credit analysis and management company Cerved Group to 2.05 billion euros if it buys out more than 90% of the Italian company.

Dublin-based ION, led by Italian businessman Andrea Pignataro, in March announced a 1.86 billion euro takeover offer for Cerved.

PayPal buys Paidy for $2.7 billion  

U.S. payments giant PayPal plans to acquire Japanese buy now, pay later firm Paidy in a $2.7 billion largely cash deal, taking another step to claim the top spot in an industry experiencing a pandemic-led boom, reports Reuters.

Buying Paidy will help PayPal expand in a country where online shopping volume has more than tripled over the last 10 years to some $200 billion, but more than two-thirds of all purchases are still paid in cash, PayPal said in an investor presentation.

Fuelled by federal stimulus checks, the BNPL business model has been hugely successful during the pandemic, especially in western countries. These firms make money by charging merchants a fee to offer small point-of-sale loans which shoppers repay in interest-free instalments, bypassing credit checks.

Paypal, which is considered a leader in the BNPL market, entered Australia last year, raising the stakes for smaller companies such as Sezzle. The U.S. payments firm is among the big winners of the pandemic as more people used its services to shop online and pay bills to avoid stepping out.

Nissan-backed Chinese startup WeRide develops self-driving vans

WeRide, a China-based autonomous driving startup, plans to start developing self-driving vans for urban logistics service, with automaker JMC and delivery firm ZTO Express.

The Guangzhou-based startup, led by founder Tony Han, is pursuing what is known in the auto industry as a level 4 autonomous standard, in which the vehicle can handle all aspects of driving in most circumstances with no human intervention.

WeRide is currently testing autonomous passenger cars and mini-buses.