Saratoga's SPAC to Merge with Richard Li-Backed Hyphen Group
Hyphen Group, a fintech company backed by Hong Kong billionaire Richard Li, is in talks over a potential merger with Provident Acquisition Corp, Saratoga's special purpose acquisition company (SPAC). He is reportedly one of Hyphen's investors through a venture capital firm, Li Pacific Century Group.
In January, Saratoga's subsidiary, PT Nugraha Eka Kencana, was listed as the purchaser of Provident Acquisition Corp's IPO shares on the Nasdaq Exchange earlier this year. A Bloomberg source reported that the merger transaction could boost Hyphen's valuation to US$1 billion. The transaction will also include private investment in public equity (PIPE) of about US$100 million.