SEOUL, KOREA, and NEW YORK, NY, June 15, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Global Star Acquisition Inc. (NASDAQ: GLST;GLSTU; GLSTW), a special purpose acquisition company (SPAC), led by CEO Anthony Ang, is thrilled to announce that it has entered into a merger agreement with K Enter Holdings Inc., a Delaware corporation. K Enter holds contracts to acquire seven diversified entertainment operating companies based in Korea, engaged in the entertainment content and IP creation businesses, and K Enter plans to consummate the acquisition of the Seven Korean Entities prior to the closing of the merger.
The merger combines Global Star’s strengths and expertise in finance and the strength and expertise in the global entertainment industry of K Enter and the Seven Korean Entities. The Seven Korean Entities are known for their dynamic content creation and IP-based business models, and have an estimated combined revenue of approximately US$153 million for the year ended December 31, 2022. Following the closing of the merger agreement, the parent of the combined company will be named “K Wave Media Ltd.” and we expect that its securities will be listed on The Nasdaq Stock Market.
The transaction has been valued at US$610M and is anticipated to be completed in the late fourth quarter of 2023, subject to customary closing conditions and regulatory approvals. Global Star currently has approximately $92 million in trust, which will be available to the combined company upon completion of the merger, assuming no redemptions.
CEO Anthony Ang expressed his excitement about the merger: “This merger with K Enter represents a significant step for Global Star Acquisition, Inc. Our extensive search and shortlisting process has led us to ultimately join forces with K Enter and leverage the impressive track record and creative capabilities of the Seven Korean Entities in entertainment content and IP creation, several of which have found a strong global audience. This strategic partnership allows us to enter the Korean entertainment market, known for its rich talent pool and groundbreaking content. K Enter, in addition to having an internal K drama production team, is party to agreements to acquire equity interests in the Seven Korean Entities, one of which is Solaire Partners Ltd. (“Solaire Partners”), a Korean content-specialized private equity firm based in Seoul Korea that has invested in some of the highest-grossing films out of Korea. Mr. Pyeung Ho Choi, and Mr. Young Jae Lee of Solaire Partners have been appointed to senior management positions at K Enter. K Enter has also entered into agreements to acquire equity interests in one K drama production company, three K movie production companies, one virtual production company, and one IP merchandising company. Our focus on delivering public shareholder value drives our decision-making, and we believe the liquidity that will be provided to the combined company should help fortify the strategic positioning of K Enter to acquire the Seven Korean Entities and effectively deploy this capital to continue its strategy of expansion to markets outside Korea.”
“Together, we will drive the future of the entertainment industry,” said Young Jae Lee, CEO of K Enter. “We are delighted to embark on this merger journey and become a public company with Global Star Acquisition, Inc. K Enter’s leadership consists of partners of Solaire Partners, and by combining our resources and expertise, we will continue to create and offer exceptional Korean entertainment experiences for audiences worldwide,” continued Mr. Lee. “Together, we will contribute to the future of the entertainment industry in a more meaningful way.”
Advisors
Lee & Ko L.L.P. is serving as Korean legal advisor and Loeb & Loeb LLP is serving as U.S. legal advisor to K Enter. PWC is serving as Auditor to K Enter. Nelson Mullins Riley & Scarborough LLP is serving as legal advisor to Global Star Acquisition Inc. KPMG is serving as the financial advisor to K Enter Holdings Inc.
About Global Star Acquisition Inc.
The Company (NASDAQ: GLSTU) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company prioritized the Nordic region and Asia Pacific, especially Southeast Asia as its geographical focus. The Company is led by Anthony Ang, the Company’s Chairman and Chief Executive Officer, Nicholas Khoo, the Company’s Chief Operating Officer, and Shan Cui, the Company’s Chief Financial Officer.
About K Enter Holdings Inc.
K Enter Holdings Inc. is a recently formed holding company for the purpose of acquiring seven diversified entertainment operating companies based in Korea, engaged in the entertainment content and IP creation businesses (the “Seven Korean Entities”). K Enter has an internal K drama production team, and the Seven Korean Entities to be acquired by K Enter include Solaire Partners Ltd. (“Solaire Partners”), a Korean content-specialized private equity firm based in Seoul Korea that has invested in some of the highest-grossing films out of Korea, one K drama production company, three K movie production companies, one virtual production company, and one IP merchandising company. As a combined platform, we expect these companies to provide a significant amount of synergy.
