ALBAWABA- The UAE's first special purpose acquisition company (SPAC), ADC Acquisition Corporation (ADC), has reached a merger agreement worth Dhs1.1 billion with Abu Dhabi's United Printing & Publishing (UPP), a company specializing in printing identification cards.
According to Gulf Business, Abu Dhabi wealth fund ADQ will receive 62.3 million new Class A shares in ADC for contributing UPP to the SPAC.
ADC also plans a private investment in public equity (PIPE) fundraising of up to Dhs734 million to support UPP's growth.
This deal values UPP at Dhs. 623 million and positions it as a publicly listed company on the Abu Dhabi Securities Exchange, marking the MENA region's first successful SPAC merger.
ADC, the region's first-listed SPAC, aims to invest in technology-driven firms in the Middle East and North Africa.
The UAE's SPAC regulatory framework follows international standards, requiring 90% of proceeds to be held in a non-interest-bearing account upon listing to protect investor interests.
