Asia Vision Network Signs Agreement to Combine with Malacca Straits Acquisition Company Limited

Author: Benzinga Newsdesk | March 22, 2021 07:17am

Asia Vision Network (“AVN” or the “Company”), the holding company for Vision+, Indonesia’s fastest growing Over-The-Top media business and MNC Play, the 3rd largest broadband and IPTV operator in Indonesia, and Malacca Straits Acquisition Company Limited (“Malacca Straits” or “MLAC”) (NASDAQ:MLAC), a publicly traded special purpose acquisition company led by CEO Kenneth Ng, announced that they have entered into a definitive business combination agreement. The transaction implies a pro-forma enterprise value of $573 million. AVN will continue after the business combination as a new Indonesian US-listed holding company and is expected to trade on NASDAQ. The transaction is expected to close in late Q2 or early Q3 2021.

Highlights About Asia Vision Network:

AVN combines Indonesia's fastest growing OTT media business with the 3rd largest broadband and IPTV operator, and is part of MNC Group, Southeast Asia’s largest media company.
Vision+ has the strongest OTT content proposition in Indonesia, having access to exclusive rights of all MNC Group’s Free-To-Air channels and content library of more than 300,000 hours, of which more than 100,000 hours is VOD ready.
Continued strong demand for local content amongst a rapidly urbanizing and fast-growing middle class has led Vision+ growth to far outpace international players such as Netflix and Disney+ in the Indonesian market.
With current OTT media penetration at only 2%, AVN is strategically positioned in the early stages of a durable growth cycle in the world's 4th largest country by population with a GDP of over $1TR and average population age of 31 years old.
AVN’s established strategic partnerships with infrastructure players and capital expenditure light business model produces industry leading EBITDA margins of 61% in 2020, which are projected to improve to 75% over the next five years, with projected revenue growth CAGR of 39% to 2025.
Vision+ is the only player to have exclusive access to MNC’s library of local content which is the most popular content in Indonesia, including localized popular global franchises such as The Voice, Indonesian Idol, X Factor, Rising Star and MasterChef, amongst others.
MNC’s leading market position reaches 50% nationwide audience share on broadcast Free-to-Air (including 53.5% on Prime-Time belt), more than 8 million Pay TV subscribers, more than 73 million News Portals monthly active users, and 217 million Social Media subscribers/followers, providing an exceptional platform for cross-selling and providing a unique and attractive offering for AVN.
Vision+ has exclusive rights to carry all MNC Group FTA channels with more than 120 premium channels and 10,000 hours of movies & series. The platform currently includes 32 million Monthly Active Users with more than 1.6 million paid subscribers and 5.6 million registered users.
Proven leadership team with history of delivering results in programming, media and content production.

Posted In: MLAC