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Tiktok US Rival Triller Plans SPAC Merger To Go Public: Report

San Francisco headquartered video-sharing and entertainment company Triller Inc is holding talks with a blank check company in an attempt to go public, according to Reuters.

· 10/12/2020 01:44

San Francisco headquartered video-sharing and entertainment company Triller Inc is holding talks with a blank check company in an attempt to go public, according to Reuters. Merchant bank Farvahar Partners is reportedly providing advisory services for Triller.

What Happened: In addition to the negotiations with special purpose acquisition companies, or SPACs, Triller is also seeking $250 million in a private funding round with investors led by UBS Group AG (NYSE:UBS), Reuters reported.

Triller has so far secured a $100 million commitment in the funding round and its valuation is estimated close to $1.25 billion. The company will pursue either the SPAC merger or the funding round, people familiar with the matter told Reuters.

In July, Triller acquired Halogen Networks for an undisclosed amount, as reported by the Los Angeles Business Journal. Reportedly, the entertainment platform had plans to expand into streaming events using Halogen’s technology.

Why Does It Matter: In August, Bobby Sarnevesht — Triller’s Executive Chairman claimed to have made a $20 billion offer to buy rival TikTok’s assets. At the time, TikTok denied receiving an offer.

TikTok — one of the most popular video-sharing platforms globally — is running hither and thither to avoid a ban on its operations in the United States.

Chinese tech titan ByteDance Ltd, TikTok's parent company, was arm-twisted into divesting its operations in the U.S. by President Donald Trump's administration over national security reasons. In September, Trump approved a deal where Oracle Corporation (NYSE:ORCL) and Walmart Inc (NYSE:WMT) would end up with minority stakes in TikTok's overall operations.