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Thiel-backed spac weighs US$2.5 billion Circles.Life deal

Bloomberg7/13/2022 09:56 PM GMT+08  • 2 min read
Thiel-backed spac weighs US$2.5 billion Circles.Life deal
Rameez Ansar, one of the three founders of Circles.Life / Photo: Albert Chua
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Bridgetown Holdings the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is considering a potential merger with digital telecom services provider Circles.Life, according to people familiar with the matter.

The special purpose acquisition company is holding early talks with Singapore-based Circles.Life to explore a transaction, the people said, asking not to be identified because the matter is private. Bridgetown could seek a valuation for the combined entity of about US$1.5 billion to US$2.5 billion, the people said.

Considerations are preliminary and there’s no guarantee an agreement could be reached, the people said. Bridgetown could also look at other targets for a merger, while Circles.Life could opt to pursue other transactions, they added.

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