ACE Equity-backed SPAC acquires US electronics player
ACE Convergence Acquisition Corp, a special purpose acquisition company (SPAC) sponsored by Korean PE firm ACE Equity Partners, has completed a merger with US-based electronics manufacturer Tempo Automation. The equity valuation of the business was cut by more than half during the process.
ACE Convergence raised USD 230m in July 2020 as the first SPAC sponsored by a Korean manager. ACE Equity operates in Korea on a project fund basis and started exploring cross-border investments in conjunction...
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