Singapore-based Fenix 360 Pte Ltd. (FENIX360) will go public through merger With DUET Acquisition Corp. to create a global social media platform.

FENIX360 said in a statement on Tuesday that the transaction values the firm at a $610 million enterprise value.

According to the statement, the duo have entered into a business combination agreement, pursuant to which DUET will acquire 100 percent of the outstanding equity interests of FENIX360.

The transaction is expected to be completed in the first half of 2024, subject to regulatory approvals and other customary closing conditions.

FENIX360 is an artist-centric, multi-genre social media platform that has been created to help independent artists and creatives monetize their art much more lucratively.

Developed by a core team of founders and senior executives with deep passion, insight and experience in the worlds of music, art and advertising, FENIX360 reflects their passion and dedication to economically invigorate the creative landscape with the knowledge that success of the FENIX360 model can greatly enhance returns for artists and stakeholders and provide greater satisfaction for fans and users.

“The unique value proposition of FENIX360 as a hyper-agile and asset-light engagement platform with lucrative rewards for artists and fans alike provides both FENIX360 and DUET an unparalleled opportunity to reshape the creative and media space,

“Tapping into the substantial digital advertising and digital commerce ecosystem will bolster FENIX360’s revenue generation abilities,” said Dharmendra Magasvaran, Co-Chief Executive Officer of DUET.

Meanwhile, FENIX360’s Chief Executive Officer, Allan Klepfisz said that this transaction and the consequent planned NASDAQ listing of FENIX360 should allow them to accelerate their global ambitions.

“In the coming months, as we activate artists and fans in each market and deliver greatly enhanced income for artists and a much more engaging platform for fans, we would like to believe that we will become unstoppable,” he added.

DUET is a blank check company, which was formed to acquire one or more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

The firm was formed to effect a business combination with middle market “enabling technology” businesses or assets with a focus on eCommerce, FinTech, big data and analytics and robotic process automation.

According to the statement, DUET’s Co-Chief Executive Officer Dharmendra Magasvaran, has deep experience in the media and entertainment industry as well as the consulting, digital and technology domains, while its Chief Financial Officer Lee Keat Hin, is an experienced senior consultant in merger and acquisition activities.

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