(Yicai Global) Aug. 26 -- Bluefocus Intelligent Communications Group, a Chinese marketing agency, will join hands with US Legacy Acquisition to conduct the first offshore backdoor listing for a mainland-listed firm via a special purpose acquisition company.

Legacy will buy all the shares of Bluefocus's newly formed unit that holds a host of global marketing agencies, after which Legacy will change its name to Blue Impact, the Beijing-based advertising firm said in a statement.

Bluefocus will receive 30 million Class A common stocks of Legacy, or a 44.4 percent stake, to become the latter's largest shareholder. The Ohio-based blank check company will assume USD40 million of net debt related to Blue Impact, as well as USD48 million worth of deferred acquisition purchase price obligations. The deal is expected to be completed this year.

Blue Impact will be headquartered in Mountain View, California, and it is expected to continue trading on the New York Stock Exchange. The company's portfolio will include London-based consultancy We Are Social, US industrial design firm Fuseproject, Hong Kong's Metta marketing agency, Shanghai's Madhouse mobile-based paid media platform, and Canada's Vision 7 International marketing services provider. The parent is poised to serve clients in 12 countries around the world with its more than 2,500 employees. 

When going public in November 2017, Legacy raised USD300 million, looking to merge with another firm within two years. Most of Legacy's managers have previously been chief executives or chief financial officers in US fast-moving consumer goods firms, including Procter & Gamble and PepsiCo, so Blue Impact will benefit from these resources and accumulated customer relationships, the statement added. 

"By leveraging Legacy's capital platform and our global reach and talent, Blue Impact will provide strong contribution to the growth of our clients, our people and our shareholders' returns," said Holly Zheng, expected board chairwoman of Blue Impact.

"Having screened over 370 opportunities since the establishment of our USD300 million SPAC, we believe we have identified a leading global platform," said Edwin Rigaud, CEO of Legacy. Blue Impact agencies will form a rapidly growing advertising and marketing services platform to leverage the major trends of the rise of data-driven marketing, as well as the emergence of nimble and client-focused talent, he added. 

Legacy's [NYSE: LGC] stock price stood nearly flat at USD10.20 on Aug. 23.

Bluefocus's [SHE: 300058] share price fell 2.9 percent this morning to CNY6 (US 80 cents). 

Editor: Emmi Laine