10:04 AM EST, 01/27/2025 (MT Newswires) -- AMTD Group's IDEA Group (AMTD) and AMTD Digital ( HKD ) have agreed to merge their World Media and Entertainment Universal subsidiary with special purpose acqusition company Black Spade Capital's subsidiary Black Spade Acquisition II ( BSII ), to bring World Media and Entertainment public.

The deal values WME at an equity value of about $488 million, not including $153 million in cash held in trust by the special purpose acquisition company. After the transaction, existing WME shareholders, including AMTD Idea Group ( AMTD ) and AMTD Digital ( HKD ), will hold more than 70% of the merged company's voting shares -- assuming no Black Spade Acquisition II ( BSII ) shareholders elect to redeem their shares for cash, as permitted under terms of the deal, the companies said.

The merger and public listing is expected to close by mid-2025, subject to regulatory and shareholder approvals and other customary conditions.

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