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Pryor Cashman advised Auto Services Group Limited (SunCar), a leading provider of digitized car services and car insurance through Sun Car Online Insurance Agency Co., Ltd., in connection with its agreement to merger with Goldenbridge Acquisition Limited, a special purpose acquisition company in the British Virgin Islands. .
The proposed merger values the combined company at approximately $858 million; SunCar generated about $250 million in revenue in 2021, based on its unaudited financial statements.
SunCar was advised by Pryor Cashman partners Elizabeth F. Chen and Michael T. Campoli, and partners Steven Xie and Yingkai Luo.
Once the merger is complete, the combined company is expected to be listed on Nasdaq.
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