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Carousell walks from $1.1B L Catterton SPAC as Asia blank-check window shuts
Singapore marketplace kills Asia Acquisition merger after 18-month negotiation, third major SPAC termination this quarter.
Markets Edge deskMarkets Edge · Huang GoodmanSource: Straits Times ↗
In plain words
Third major Asia SPAC termination this quarter signals market structure failure as redemption risk overwhelms sponsor economics.
$1.1 billion
according to persons with transaction knowledge
$400 million
in its January 2021 IPO
42%
of PIPE commitments renegotiated downward before closing its
$39.6 billion
deSPAC in December 2021
Carousell terminated merger negotiations with L Catterton Asia Acquisition Corp after eighteen months ofStructuring discussions, walking from a transaction that would have valued the Singapore-based classifieds platform near $1.1 billion according to persons with transaction knowledge. The company cited deteriorating market conditions and SPAC redemption risk as primary factors. L Catterton Asia Acquisition, which raised $400 million in its January 2021 IPO, now has approximately four months remaining before its statutory combination deadline.
The breakdown marks the third significant Asia-Pacific SPAC termination since October. Grab Holdings saw 42% of PIPE commitments renegotiated downward before closing its $39.6 billion deSPAC in December 2021. Voltage Park, a data infrastructure vehicle, walked from its $580 million Atlas Crest merger in February citing valuation compression. Carousell's decision follows pattern: the company had already delayed announcing terms twice, first in September 2023 and again in January 2024, as comparable marketplace multiples contracted from 8.2x revenue to 4.1x over the same period.
The termination removes one of Southeast Asia's few remaining venture-scale liquidity paths at a moment when regional IPO markets remain effectively closed. Carousell last raised at a $1.1 billion post-money valuation in its September 2021 Series D, led by STIC Investments. That round priced the company at 11.2x forward revenue based on disclosed $98 million in 2021 GMV-linked take rates. Current secondary market activity in late-stage Southeast Asian consumer internet assets suggests that multiple has compressed to 5-6x for platforms without clear profitability timelines. Carousell reportedly burned $42 million in 2023 while growing revenue 31% to $127 million, per persons familiar with the financials.
Operators should monitor whether Carousell attempts a direct listing or pursues acquisition by a strategic in the next six to nine months. The company holds $180 million in remaining cash from the 2021 raise and operates in eight markets including Singapore, Hong Kong, and Taiwan. Temasek Holdings, an existing investor, typically provides bridge financing for portfolio companies facing valuation resets, though no discussions have been confirmed. L Catterton Asia Acquisition must now locate a replacement target by late June or return capital to shareholders. The SPAC structure allows sponsor promote only upon successful combination, creating pressure to accept suboptimal terms or face complete loss of invested sponsor capital.
The Asia SPAC market raised $8.2 billion across 21 vehicles in 2021. Seventeen of those vehicles have either liquidated, extended deadlines, or completed mergers at valuations 40-60% below initial projections. Carousell's withdrawal leaves fewer than five Asia-focused SPACs actively negotiating material transactions.
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For the principal
Southeast Asia venture liquidity now limited to strategic M&A or distressed recap; monitor Temasek bridge activity through Q2 2024.
For the operator
Comparable marketplace secondaries trading 5-6x revenue; SPAC structures no longer absorbing venture scale without profitability path and committed PIPE.
For the house
Short SPAC sponsor promotes in Asia vehicles with sub-12-month deadlines; avoid late-stage SEA consumer exposure without clear monetization.
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