LONDON: MobilityOne, an e-commerce infrastructure payment solutions and platform provider, has announced the completion of the sale of its 60% stake in its non-core subsidiary 1Shop to Super Apps, a leading Southeast Asian super app company.

The deal, which was first announced in October 2022, was initially subject to the completion of a merger exercise between Super Apps and Technology & Telecommunication Acquisition Corporation (TETE), a US-based special purpose acquisition company.

However, the parties have agreed to amend the terms and conditions of the share sale agreement and proceed with the transaction without waiting for the merger to complete.

MobilityOne will still receive cash proceeds of RM60.0 million (equivalent to c. £10.2 million) from Super Apps, subject to the completion of the merger exercise.

The payment will be made in two instalments: RM40.0 million (c. £6.8 million) within 14 days and RM20.0 million (c. £3.4 million) within 180 days of the merger completion.

In the event that the merger does not complete, MobilityOne has the right to buy back its former 60% interest in 1Shop from Super Apps for a nominal consideration of RM1.0. MobilityOne said that the sale of 1Shop, which operates an online marketplace platform, will allow it to focus on its core business of providing e-commerce infrastructure payment solutions and platforms to its customers.

Super Apps said that the acquisition of 1Shop will enhance its portfolio of online services and products, which include e-commerce, food delivery, ride-hailing, digital payments, and social media.