White & Case Advises Magnum Opus Acquisition Limited on Its Business Combination with Asia Innovations Group Limited

Press Release
2 min read

Global law firm White & Case LLP has advised special purpose acquisition company Magnum Opus Acquisition Limited (NYSE: OPA) on its definitive merger agreement with Asia Innovations Group Limited, a leading mobile social company serving emerging markets. The transaction provides for a total equity valuation of US$2.5 billion, representing the largest consumer internet SPAC merger of the year to date, as well as the fastest-growing consumer internet company by scale to announce a SPAC merger in 2022.

Asia Innovations Group Limited is a Singapore-based company operating an integrated platform of products designed for mobile devices across social, mobile gaming, e-commerce and payment networks with more than 400 million registered users located in 150 different countries and regions around the world as of December 31, 2021. The proceeds of the transaction are expected to support ASIG’s continued growth by expanding the global reach of its products and services, further growing its user base, and pursuing accretive acquisition opportunities.

The White & Case team was led by M&A partner Steve Sha (Hong Kong), and Capital Markets partners Jessica Zhou (Hong Kong) and Joel Rubinstein (New York). The team included M&A/Corporate associates Shifeng Ni and Genevieve Tsang (both in Hong Kong), Capital Markets associates Nina Yu and Yuning Zhou (both in Hong Kong); local partner David Albagli and associate Yusuke Furukawa (both in Tokyo); Tax partner Steven Gee (New York); Employment, Compensation & Benefits partner Victoria Rosamond, counsel Aaron Feuer (both in New York) and associate Tyrone Crawford (Washington, DC); Competition partner Tim Hickman and associate Aishwarya Jha (both in London); Commercial Litigation partner Paul Pittman (Washington, DC); Capital Markets partner Rahul Guptan and associate Rachna Talati (both in Singapore); and EIPAF & Disputes local partner James Hsiao and associate Royston Tan (both in Hong Kong). Law clerk Leslie Lin assisted on the matter.

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