Miguel Cordon · · 1 min readPatrick Grove’s SPAC inks $685m deal with Norwegian natural gas company
Patrick Grove / Photo credit: Tech in Asia
Catcha Investment, a special purpose acquisition company led by serial entrepreneur Patrick Grove, has agreed to merge with Crown LNG, a Norwegian firm that builds offshore liquefied natural gas terminals for harsh weather locations.
The deal is worth about US$685 million and is expected to close by the end of the year. The merged company, called Crown LNG Holdings Limited, plans to list on the New York Stock Exchange under the symbol CGBS.
Catcha Investment raised US$275 million in its IPO in 2021. The company had previously taken an interest in internet companies in Asia Pacific and other regions.
One of those companies is Indonesia-based fintech firm Akulaku, which was rumored to be going public in the US through a deal with Catcha Investment. The deal was said to have potentially netted the virtual credit card services firm up to US$300 million and pushed its valuation to US$2 billion.
Meanwhile, Grove’s second SPAC, Catcha Investment Corp 2.0, withdrew its plans for listing in August last year. It previously filed to raise US$250 million through a public listing.
See also: Mapping public tech companies in Indonesia (updated)
Editing by Lorenzo Kyle Subido
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