Singapore-headquartered Triterras Fintech Pte. Ltd. said July 29 that it is planning to become a publicly listed company and merge with Netfin Acquisition Corp. to create a fee-based fintech pure-play business with no balance sheet exposure.

The new entity arising from the merger will have a US$674 million pro forma enterprise value, an US$854 million pro forma market cap and no debt, assuming no redemptions from Netfin's shareholders.

Initially, Netfin was supposed to merge with both the Triterras Fintech-affiliated Triterras Holdings Pte. Ltd. and a rhodium commodity trading business, but the consolidation with the latter has since been called off.

Triterras Fintech expects net proceeds of US$180 million from the merger. It earmarked the amount for its growth, expansion, supply chain financing and additional platform modules.

Respective boards of the merging companies have unanimously approved the deal that is expected to close in the fourth quarter, subject to regulatory and shareholder approvals, as well as other customary closing conditions.

Netfin hired B. Riley FBR to be its capital markets adviser and White & Case LLP and Winston & Strawn LLP as its legal advisers. On the other hand, Triterras Fintech appointed Millbank as its legal adviser. Both companies engaged Gateway Group as investor relations adviser.