Indonesia's MNC Group shelves streaming unit's merger with Malacca SPAC

Indonesia's MNC Group shelves streaming unit's merger with Malacca SPAC

Photo by satria eleazar on Unsplash

Indonesian conglomerate MNC group has terminated plans to list its video streaming and broadband subsidiary in the US through a merger with blank-cheque company Malacca Straits Acquisition Company (MLAC).

PT Asia Vision Network, the holding company for MNC Group’s over-the-top (OTT) business and broadband and IPTV operations, and MLAC had announced plans to merge in March this year. The transaction, according to the pair, valued the combined entity at $573 million. 

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter