Arogo Capital and Bangkok Tellink announce $350 million merger

MIAMI, FL and BANGKOK, THAILAND - Arogo Capital Acquisition Corp. (OTC: AOGO) and Bangkok Tellink Co., Ltd. have entered into a definitive business combination agreement, with plans for a merger valued at $350 million, announced on Monday. The transaction is expected to culminate in the listing of the new entity on The Nasdaq Global Market. According to InvestingPro data, AOGO, currently valued at $68.27 million, has shown strong momentum with a 28% price return over the past six months.

Bangkok Tellink, a Thai company specializing in telecommunications and Internet of Things (IoT) solutions, is poised for expansion into the U.S. capital markets through this deal. The company’s CEO, Nusttanakit Sasianon, will continue to lead the combined company following the merger. InvestingPro analysis indicates AOGO’s stock typically moves independently of broader market trends, with a beta of -0.05, potentially offering unique diversification opportunities for investors.

The business combination is anticipated to enhance Bangkok Tellink’s financial flexibility and support the rollout of its advanced telecommunication technologies, furthering its growth and development in research and innovation. While AOGO currently faces some financial challenges, with a current ratio of 0.07 according to InvestingPro, this merger could potentially strengthen its financial position. Subscribers to InvestingPro can access over 10 additional key financial metrics and insights about AOGO’s future prospects.

Bangkok Tellink, established in 2019, is a licensed Mobile Virtual Network Service Operator (MVNO) and Mobile Virtual Network Aggregator (MVNA), offering a variety of mobile phone packages and services under its INFINITE brand. These include Smart Solutions, IoT Sim Cards, eSIMs, SMPP (virtual SMS), SIP trunk (voice virtual number), and software development.

The merger is subject to customary closing conditions, including regulatory approvals and the approval of the shareholders of both Arogo and Bangkok Tellink. The boards of directors of both companies have unanimously approved the transaction.

In Thailand, the eSIM market is rapidly expanding, simplifying connectivity and promoting the country’s progression towards a digital economy. Bangkok Tellink’s involvement in this sector has positioned it as a key player in Southeast Asia’s telecom industry.

The CEOs of both companies have expressed their enthusiasm for the merger. Nusttanakit Sasianon of Bangkok Tellink highlighted the opportunity to accelerate the company’s growth and enhance its offerings, while Suradech Taweesaengsakulthai of Arogo Capital underscored their confidence in Bangkok Tellink’s management team and business model. Based on InvestingPro’s Fair Value analysis, AOGO appears to be trading above its estimated Fair Value, suggesting investors should carefully evaluate the merger’s potential impact on valuation.

Legal counsel for the transaction includes Rimon P.C. for Arogo and Araya & Partners Co., Ltd. for Bangkok Tellink, with ARC Group Limited acting as the sole financial advisor to Arogo.

Further details of the business combination will be disclosed in a Current Report on Form 8-K to be filed by Arogo with the SEC, followed by a Registration Statement on Form F-4 by Pubco with the SEC. This press release is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities.

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