DLA Piper has advised Global IBO Group Ltd. (GIBO), an integrated AI-generated content animation streaming platform in Asia, on a de-SPAC transaction entering into a definitive Business Combination Agreement with Bukit Jalil Global Acquisition 1 Ltd. (BUJA), a publicly traded Special Acquisition Company (SPAC). As part of this agreement, GIBO and BUJA will merge with newly formed subsidiaries of GIBO Holdings Limited, which will become the parent company for both GIBO and BUJA. The Business Combination values GIBO at USD8.3 billion, and the new company is expected to be listed on the Nasdaq.
Aiming to revolutionize content creation and consumption through AI, GIBO, powered by its innovative platform GIBO.ai, enables content creators to automate tasks, create personalized audio and graphics, obtain data-driven insights into the content they created, and explore new ideas through collaboration. GIBO.ai is not only equipped with cutting-edge generative AI-powered technology, but also emphasizes the establishment of a sustainable ecosystem that can empower animation creators on the content creation process and provide distribution channels for their work to be accessed and monetized by viewers on its platform. BUJA is a blank check company incorporated in the Cayman Islands in 2022. Its primary purpose is to facilitate mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more other businesses.
The DLA Piper team included lawyers from the firm’s Corporate practice, spanning China and the US. Beijing Corporate partners Yang Ge and James Chang jointly led the deal, with support from Hong Kong-based partner Xin Fang and China-based lawyers including Wenhong You, Olivia Lai, Stephanie Zhang and Yuchen Ni. US-based partner Penny J. Minna and of counsel Paul Myers also provided tax and structuring advice. Luke Lu and Jennifer Chen, corporate associates from Kaiman Legal, a PRC firm based in Shanghai, provided assistance as well. This cross-border collaboration underscores the firm’s global reach, and the collective capabilities of our diverse practice groups.
Commenting on the transaction, Yang said: “Advising GIBO on this milestone transaction unlocks the next stage of its business development. DLA Piper has significant experience advising clients on SPAC-related deals across many industries, and this latest deal is another example highlighting our capabilities in the technology sector, and particularly in AI. We are excited that our teams came together and advised GIBO on its evolving journey.”
The completion of the Business Combination is subject to regulatory approvals, the approval of the transaction by the shareholders of BUJA, GIBO and the satisfaction or waiver of other customary closing conditions.
