Singapore martial arts organiser One Championship weighs US listing via SPAC

Chatri Sityodtong, founder, chairman and CEO of ONE Championship

Asian mixed martial arts firm One Championship is considering options including seeking a listing in the US via a merger with a special purpose acquisition company (SPAC), according to people familiar with the matter.

The Singaporean sports media company has picked Credit Suisse Group AG and Goldman Sachs Group Inc. to help prepare for the potential listing, the people said. The rival to Ultimate Fighting Championship has held preliminary discussions with several SPACs, they said, asking not to be identified because the deliberations aren’t public.

The company, whose valuation is more than $1 billion, could also raise capital via other routes including an initial public offering or seeking funds privately, they said.

Discussions are preliminary and no final decision has been made, the people said. Representatives for Credit Suisse, Goldman Sachs and One Championship declined to comment.

One Championship is backed by investors including Sequoia Capital and Singapore state investment firms Temasek Holdings Pte and GIC Pte, according to its website. Its events span martial arts and combat sports including Muay Thai, kickboxing, karate and Taekwondo and are broadcast in more than 150 countries.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.