PT Asia Vision Network entered into a definitive business combination agreement to acquire Malacca Straits Acquisition Company Limited (NasdaqCM:MLAC) in a reverse merger transaction for $530 million on March 21, 2021. The transaction implies a pro-forma enterprise value of $573 million. Asia Vision Network will continue after the business combination as a new Indonesian US-listed holding company and is expected to trade on NASDAQ. AVN is combining with Malacca Straits Acquisition Company Limited with the intent to list Asia Vision Network on NASDAQ. In the business combination, a newly-formed Cayman Islands subsidiary of Asia Vision Network will merge with and into Malacca Straits Acquisition Company Limited, with Malacca Straits Acquisition Company Limited surviving the merger as a wholly-owned subsidiary of Asia Vision Network, and with Asia Vision Network becoming the successor US-listed company to Malacca Straits Acquisition Company Limited. It is anticipated that, following the business combination, Asia Vision Network’s American Depositary Receipts (“ADRs”) representing ordinary shares and Asia Vision Network’s warrants to acquire ADRs will be listed on NASDAQ. In the merger, outstanding securities of Malacca Straits Acquisition Company Limited will be replaced by replacement securities of Asia Vision Network, with the replacement Asia Vision Network ordinary shares being held by The Bank of New York Mellon as the depository, and with the Bank of New York Mellon delivering ADRs of Asia Vision Network to Malacca Straits Acquisition Company Limited’s security holders. Each Malacca Straits Acquisition Company Limited shareholder will receive an ADR representing one Asia Vision Network ordinary share in exchange for each MLAC ordinary share that they hold; and each Malacca Straits Acquisition Company Limited warrant will become a warrant to purchase one ADR. MNC Group will roll 100% of its equity in Asia Vision Network, and will receive additional Asia Vision Network ordinary shares in connection with the merger so that when combined with its existing shares, it will own a number of shares reflecting a pre-money enterprise value of Asia Vision Network of $530 million, subject to certain purchase price adjustments and indemnification obligations, with each Asia Vision Network ordinary share valued at the price per share paid to each Malacca Straits Acquisition Company Limited public shareholder who redeems their Malacca Straits Acquisition Company Limited shares in connection with the business combination. The consummation of the transaction is subject to the accuracy of the respective parties’ representations and warranties, the approval of the transaction and related matters by Malacca Straits’ shareholders and the other closing conditions set forth in the business combination agreement. The transaction has no minimum cash closing condition. The board of directors of Asia Vision Network and Malacca Straits Acquisition Company Limited have each unanimously approved the business combination which is expected to close in late Q2 or early Q3 2021. As of March 25, 2021, completion shall take place on or before August 31, 2021. As of May 17, 2021, the transaction is expected to closed on May 31, 2021. As of June 14, 2021, expected to be consummated in Q3-2021. BTIG, LLC acted as financial advisor, whereas Stuart Neuhauser and Matthew A. Gray of Ellenoff Grossman & Schole LLP, Hadiputranto, Hadinoto & Partners and Maples and Calder (Cayman) acted as legal advisors to Malacca Straits Acquisition Company Limited. White & Case LLP acted as legal advisor to BTIG, LLC. Eliot & Luther is acted as financial advisor to AVN and the MNC Group. Joseph E. Bauerschmidt of DLA Piper Singapore Pte. Ltd. acted as the international legal advisor to AVN and the MNC Group. Stuart Neuhauser and Matthew A. Gray of Ellenoff Grossman & Schole LLP acted as legal advisors to PT Asia Vision Network. PT Asia Vision Network cancelled the acquisition of Malacca Straits Acquisition Company Limited (NasdaqCM:MLAC) on September 3, 2021.