GCL Asia is a leading video game distribution and publishing group in Asia, with more than 2100 online and offline retail touchpoints for game distribution.
GCL has been the exclusive distributor in Asia for 50% of the best-selling games since 2011 and has recently expanded into game publishing and IP management.
Proposed Transaction gives GCL approximately $1.2 billion in pre-transaction equity value.
SINGAPORE, Oct. 18, 2023 /PRNewswire/ -- Grand Centrex Limited ("GCL," "GCL Asia" or the "Company"), one of Asia'sleading video game distributors and publishers, today announced that it, together with its subsidiaries and affiliated companies, has entered into a definitive business combination agreement ("BCA") with RF Acquisition Corp ("RF Acquisition") (NASDAQ: RFAC), a publicly traded special purpose acquisition company, and RF Dynamic LLC that will result in GCL Asia becoming a publicly listed company (the "Proposed Transaction").
RF acquisition Corp core members & SPAC sponsors include From Top Left : Guo Lu, Ben Lim Choon Kee, Jimmy Zou TeFeng, Melvin Ong Xeng Thou, Jack How Keat Jie
Center from left : Ng Tse Meng(Chairman & CEO of RF acquisition Corp ) , Jackie Choo (Group Chairman& of& GCL& Asia)
Upon closing, the combined company (the "Combined Company") is expected to be listed on Nasdaq under the reserved ticker symbol "GCL." The Combined Company will continue to be led by Jacky See Wee Choo, Group Chairman of GCL, Sebastian Toke, Group CEO of GCL, and other key executive leadership members.
GCL's shareholders will retain a majority of the Combined Company's outstanding shares, and GCL will designate a majority of director nominees for the Combined Company's board.
Company Highlights
GCL, together with its operating subsidiaries, collectively provide a full suite of gaming services, targeting the fast-growing video gaming markets of East Asia ("EA") and Southeast Asia ("SEA"). One of GCL's subsidiaries, Epicsoft Asia Pte Ltd., enables creators to deliver fun gameplay experiences to Asia's fast-growing market of gamers, and has over 16 years of operating history in the gaming industry. GCL's other operating subsidiaries include 4Divinity Limited, 2Game, and Titan Digital Media.
GCL has become an established partner for international PC and video game publishers and developers for EA and SEA. The Company has been the exclusive distributor and marketeer for 50% of the best-selling games of all time in the region, including The Witcher 3, Sonic series, Hogwarts Legacy, and Cyberpunk 2077.
Leveraging its unique geographic position and long-term established partnerships with global AAA game publishers, GCL aims to become the next Asian powerhouse in gaming entertainment and content marketing. Following the merger, GCL plans to continue delivering high-quality, engaging gaming experiences to the entire EA and SEA region with brand partners and content creators. The Company plans to leverage its comprehensive gaming ecosystem, bringing Asian-developed games to the global market, and U.S. and E.U.-developed games to the Asian market.
GCL's primary growth focus lies in the games publishing and IP management of AAA/AA game titles in Asia, which is projected to generate total video game revenues of $222.5 billion in 2023, i.e., 57.8% of worldwide video game revenue. With the number of users in Asia expected to reach approximately 1.7 billion by 2027, comprising 57% of total users worldwide by 2027[1], GCL plans to leverage its operating experience of over 16 years in game publishing, marketing, and creative media design to cater to the evolving needs of Asian gamers.
GCL's first title as publisher for Asia, the single-player first-person shooter game "Atomic Heart," was launched in February 2023. The number of units sold in Asia accounted for nearly half of the global sales to date. The Company plans to publish at least six new titles slated over the next 12 months.
Management Commentary
Tse Meng Ng, Chairman and CEO of RF Acquisition
"We are thrilled to work with Jacky and his visionary team at GCL in their next chapter of growth and expansion in the dynamic Asian gaming market. We greatly respect the publishing and distribution platform and the trusted industry relationships that Jacky and his team have built over the last decade. With the expansion of the business to publishing and IP management, GCL can help game publishers in the U.S. and Europe navigate increasingly sophisticated Asian content and unlock the full potential of the high-growth Asian market. This is a unique opportunity for us to participate in a fast-growing, profitable company at an inflection point in its development."
Jacky Choo, Group Chairman of GCL
"This is an exciting time for the entire GCL team as we execute our growth strategy in game publishing in Asian markets. Over the past 16 years, we have built a powerful distribution platform based on over 16 multi-year partnerships with AAA and independent game developers and publishers, reaching over 2100 retail touchpoints online and offline. With the support of RF Acquisition and enhanced visibility following the NASDAQ listing, we are now ready to enter the higher-margin segments of game publishing and IP management, deepening our partnership with exceptional content providers, including game studios globally, to bring exciting new experiences to gamers."
Sebastian Toke, Group CEO of GCL
"GCL has a unique value proposition for games developers and publishers worldwide with our established expertise in games distribution, publishing, and marketing. As more game developers and publishers in the U.S. and Europe set their eyes on the tremendous growth opportunity in the Asia market, GCL is well-positioned as the go-to co-publisher in the Asian region. On the other hand, China-based major games companies have faced difficulties navigating markets outside of China and are seeking a partner with the know-how to execute market outreach & localized marketing in the Asian regions. GCL's growth trajectory is very clear — we plan to become the gateway to growth in Asia's gaming scene by leveraging the dynamics in the gaming market ecosystem between developers, publishers, and end users."
Transaction Overview
The Proposed Transaction gives GCL approximately $1.2 billion in pre-transaction equity value.
GCL's existing shareholders will roll over 100% of the equity and retain a majority of the Combined Company's outstanding shares, while GCL will also designate a majority of the Combined Company's board of directors.
The Proposed Transaction includes a minimum cash condition of $25,000,000 and is expected to result in GCL receiving gross proceeds of approximately $42.9 million (assuming no further redemptions by RF Acquisition shareholders).
RF Acquisition and GCL have agreed to work together to pursue commitments for a private placement of equity (the "PIPE Financing"), debt, or other alternative financings of up to $20 million.
GCL expects to use proceeds from the Proposed Transaction to accelerate its game publishing and IP management business, alongside its marketing reach with AAA/AA PC game titles.
The transaction has been approved by the Board of Directors of GCL and RF Acquisition, and its closing is expected to be in the second quarter of 2024, subject to shareholders' approval and the satisfaction of customary closing conditions.
Additional information about the Proposed Transaction, including a copy of the business combination agreement and investor presentation, will be provided in one or more Current Reports on Form 8-K to be filed by RF Acquisition with the Securities and Exchange Commission ("SEC").
Advisors
Loeb & Loeb is serving as GCL's US counsel. Winston & Strawn LLP is serving as counsel to RF Acquisition. Icon Law is serving as GCL's Singapore counsel. Early Bird Capital Inc. is serving as a financial advisor to RF Acquisition. AMGM is serving as an advisor to GCL.
About GCL Asia
Grand Centrex Limited ("GCL Asia") through its subsidiaries, provides a full suite of gaming services and reach, enabling creators to deliver fun experiences to the fast-growing market of Asian gamers. Its operating subsidiaries include Epicsoft Asia Pte Ltd (EPA), 4Divinity Limited, 2Game, and Titan Digital Media. With a presence in eight countries, GCL's companies connect with developers, publishers, and brand owners to maximize the potential of entertainment properties with consumers in the EA and SEA region.
About RF Acquisition Corp.
RF Acquisition is a blank check company incorporated as a Delaware corporation whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While RF Acquisition may pursue an initial business combination target in any business, industry, or geographic location, it intends to search globally for target companies within the Southeast Asian new economy sector or elsewhere. RF Acquisition was incorporated in 2021 and is based in Singapore.
GCL Asia是亞洲領先的視頻遊戲發行和發行集團，擁有2100多個線上和線下游戲分銷零售點。
自2011年以來，協鑫一直是50％最暢銷遊戲在亞洲的獨家分銷商，最近已擴展到遊戲發行和知識產權管理領域。
擬議交易使協鑫集團的交易前股權價值約爲12億美元。
新加坡，2023年10月18日 /PRNewswire/ — 亞洲領先的視頻遊戲發行商和發行商之一Grand Centrex Limited（“協鑫亞洲” 或 “公司”）今天宣佈，它及其子公司和關聯公司已與上市公司RF Acquisition公司（“RF Acquisition”）（納斯達克股票代碼：RFAC）簽訂了最終的業務合併協議（“BCA”）（“RF Acquisition”）（納斯達克股票代碼：RFAC）特殊目的收購公司，以及將導致協鑫亞洲成爲上市公司的RF Dynamic LLC（“擬議交易”）。
RF Acquisition公司的核心成員和SPAC贊助商包括左上角：郭露、Ben Lim Choon Kee、Jimmy Zou TeFeng、Melvin Ong Xeng Tou、Jack How Keat Jie
左起：吳子明（RF Acquisition公司董事長兼首席執行官）、Jackie Choo（集團主席兼協鑫亞洲董事長）
收盤後，合併後的公司（“合併後的公司”）預計將在納斯達克上市，股票代碼爲 “GCL”。合併後的公司將繼續由協鑫集團董事長Jacky See Wee Choo、協鑫集團首席執行官塞巴斯蒂安·托克和其他主要執行領導層成員領導。
協鑫的股東將保留合併後公司的大部分已發行股份，協鑫集團將爲合併後的公司董事會指定多數董事候選人。
公司亮點
協鑫集團及其運營子公司共同提供全套遊戲服務，瞄準東亞（“EA”）和東南亞（“SEA”）快速增長的視頻遊戲市場。協鑫集團的子公司之一Epicsoft Asia Pte Ltd. 使創作者能夠爲亞洲快速增長的遊戲玩家市場提供有趣的遊戲體驗，在遊戲行業擁有超過16年的運營歷史。協鑫集團的其他運營子公司包括4Divinity Limited、2Game和Titan Digital Media。
協鑫已成爲國際PC和視頻遊戲發行商以及EA和SEA開發商的既定合作伙伴。該公司一直是該地區有史以來最暢銷遊戲中 50% 的獨家分銷商和營銷商，包括 《巫師3》， 索尼克系列， 霍格沃茨的遺產， 和 賽博朋克 2077。
協鑫集團憑藉其獨特的地理位置以及與全球AAA級遊戲發行商建立的長期合作關係，旨在成爲下一個亞洲遊戲娛樂和內容營銷巨頭。合併後，協鑫集團計劃繼續與品牌合作伙伴和內容創作者一起爲整個EA和SEA地區提供高質量、引人入勝的遊戲體驗。該公司計劃利用其全面的遊戲生態系統，將亞洲開發的遊戲推向全球市場，將美國和歐盟開發的遊戲推向亞洲市場。
協鑫集團的主要增長重點是亞洲AAA/AA遊戲的遊戲發行和知識產權管理，預計到2023年，這將創造2225億美元的視頻遊戲總收入，佔全球視頻遊戲收入的57.8％。預計到2027年，亞洲的用戶數量將達到約17億，佔全球用戶總數的57％ [1]，協鑫計劃利用其在遊戲出版、營銷和創意媒體設計方面超過16年的運營經驗，來滿足亞洲遊戲玩家不斷變化的需求。
協鑫作爲亞洲發行商的第一款遊戲——單人第一人稱射擊遊戲《原子之心》於2023年2月推出。迄今爲止，在亞洲的銷量佔全球銷量的近一半。該公司計劃在未來12個月內出版至少六本新書。
管理層評論
吳謝明，RF Acquisition董事長兼首席執行官
“我們很高興能與Jacky及其在協鑫富有遠見的團隊合作，開啓他們在充滿活力的亞洲遊戲市場的下一個增長和擴張篇章。我們非常尊重 Jacky 和他的團隊在過去十年中建立的出版和發行平台以及值得信賴的行業關係。隨着業務擴展到出版和知識產權管理，協鑫可以幫助美國和歐洲的遊戲發行商駕馭日益複雜的亞洲內容，並充分釋放高增長的亞洲市場的潛力。對於我們來說，這是一個難得的機會，可以參與一家處於發展轉折點的快速增長、盈利的公司。”
Jacky Choo，協鑫集團主席
“對於整個協鑫團隊來說，這是一個激動人心的時刻，因爲我們在亞洲市場執行遊戲發行方面的增長戰略。在過去的16年中，我們與AAA以及獨立遊戲開發商和發行商建立了超過16年的合作伙伴關係，建立了強大的分銷平台，在線和線下覆蓋了2100多個零售接觸點。在RF Acquisition的支持下，以及納斯達克上市後知名度的提高，我們現在準備進入利潤率更高的遊戲發行和知識產權管理領域，深化我們與包括全球遊戲工作室在內的卓越內容提供商的合作伙伴關係，爲遊戲玩家帶來激動人心的新體驗。”
協鑫集團首席執行官塞巴斯蒂安·托克
“協鑫憑藉我們在遊戲發行、發行和營銷方面的成熟專業知識，爲全球遊戲開發商和發行商提供了獨特的價值主張。隨着越來越多的美國和歐洲遊戲開發商和發行商將目光投向亞洲市場的巨大增長機會，協鑫集團已成爲亞洲地區的首選聯合發行商。另一方面，總部位於中國的大型遊戲公司在開拓中國以外的市場時遇到了困難，他們正在尋找具有專業知識的合作伙伴，以便在亞洲地區進行市場拓展和本地化營銷。協鑫的增長軌跡非常明確——我們計劃利用開發商、發行商和最終用戶之間遊戲市場生態系統的動態，成爲亞洲遊戲領域增長的門戶。”
交易概述
擬議交易使協鑫集團的交易前股權價值約爲12億美元。
協鑫的現有股東將展期 100% 以上的股權，並保留合併後公司的大部分已發行股份，而協鑫集團還將指定合併後公司董事會的多數成員。
擬議交易包括2500萬美元的最低現金條件，預計將使協鑫獲得約4,290萬美元的總收益（假設RF Acquisition股東沒有進一步贖回）。
RF Acquisition和GCL已同意共同努力，兌現私募股權（“PIPE融資”）、債務或其他不超過2000萬美元的另類融資的承諾。
協鑫集團預計將利用擬議交易的收益來加速其遊戲發行和知識產權管理業務，以及AAA/AA級PC遊戲的營銷範圍。
該交易已獲得協鑫集團和RF Acquisition董事會的批准，預計將於2024年第二季度完成，但須經股東批准並滿足慣例成交條件。
有關擬議交易的更多信息，包括業務合併協議的副本和投資者介紹，將在RF Acquisition向美國證券交易委員會（“SEC”）提交的一份或多份8-K表最新報告中提供。
顧問
Loeb & Loeb擔任協鑫集團的美國法律顧問。Winston & Strawn LLP擔任RF Acquisition公司的法律顧問。ICON Law擔任協鑫集團的新加坡法律顧問。Early Bird Capital Inc.擔任RF Acquisition公司的財務顧問。AMGM是協鑫集團的顧問。
關於協鑫亞洲
Grand Centrex Limited（“協鑫亞洲”）通過其子公司提供全套遊戲服務和覆蓋面，使創作者能夠爲快速增長的亞洲遊戲玩家市場提供有趣的體驗。其運營子公司包括Epicsoft Asia Pte Ltd（EPA）、4Divinity Limited、2Game和Titan Digital Media。協鑫集團的業務遍及八個國家，與開發商、出版商和品牌所有者建立了聯繫，以最大限度地發揮娛樂地產的潛力，吸引EA和SEA地區的消費者。
關於RF Acquisition
RF Acquisition是一家作爲特拉華州公司註冊成立的空白支票公司，其業務目的是與一家或多家企業進行合併、資本證券交換、資產收購、股票購買、重組或類似的業務合併。儘管RF Acquisition可以在任何業務、行業或地理位置追求最初的業務合併目標，但它打算在全球範圍內搜索東南亞新經濟領域或其他地方的目標公司。RF Acquisition成立於2021年，總部位於新加坡。
