Abu Dhabi – Mubasher: ADC Acquisition Corporation has secured AED 734 million from the private investment in public equity (PIPE) bookbuild.
The transaction witnessed a total gross demand in excess of AED 8 billion, implying an oversubscription of over 10 times, according to a press release.
The PIPE subscription follows the listed company’s business combination agreement with Abu Dhabi-based United Printing & Publishing Sole Proprietorship (UPP) that was announced on 19 September 2023.
The deal is subject to a shareholder’s approval, which is expected to take place on 12 October 2023. This marks the region’s first successful special purpose acquisition company (SPAC) merger process.
Once concluded, UPP will hold AED 1.10 billion of proceeds from the SPAC and PIPE fundraising, which will enable it to pursue organic and inorganic growth avenues.
