Carousell Pte, a Singapore-based online classifieds marketplace operator, has recently ended talks to go public through a merger with blank-check company L Catterton Asia Acquisition Corp. amid market volatility, according to people familiar with the matter.
The companies were in exclusive talks to merge in a transaction that could have valued the combined entity at as much as $1.5 billion, Bloomberg News reported in January. The deal was meant to include a PIPE worth a few hundred million dollars, people familiar with the matter said at the time.
The US-listed SPAC is backed by L Catterton, the $30 billion buyout firm minority-owned by Paris-based luxury goods company LVMH and billionaire Bernard Arnault’s investment firm. Led by managing partners Chinta Bhagat and Scott Chen, the SPAC raised $250 million last year to target a combination with companies in the high-growth, consumer technology sectors across Asia. It is sponsored by L Catterton Asia’s $1.45 billion third fund.
Read more: BNN Bloomberg
