GCL Asia strikes SPAC merger deal with RF Acquisition, valuing the video game distributor at US$1.2bil

PETALING JAYA: Video game distributors and publishers, Grand Centrex Ltd (GCL) together with its subsidiaries and affiliated companies, has entered into a definitive business combination agreement with RF Acquisition Corp, a publicly traded special purpose acquisition company (SPAC), and RF Dynamic LLC, resulting in GCL Asia becoming a publicly listed company.

Upon closing, the combined company is expected to be listed on Nasdaq under the reserved ticker of “GCL”.

The combined company will continue to be led by GCL group chairman Jacky See Wee Choo, group CEO Sebastian Toke and other key executive leadership members.

In a statement, it said GCL Asia’s shareholders will also be retaining a majority of the combined company’s outstanding shares, and GCL Asia will designate a majority of director nominees for the combined company’s board.

Following the merger, GCL Asia aims to provide engaging gaming experiences across East Asia and Southeast Asia regions through partners and content creators, as well as expanding the gaming ecosystem by promoting Asian games worldwide and bringing Western games to Asia.

Choo said: “This is an exciting time for the entire GCL Asia 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,” he added.