Oct 18 (Reuters) - Grand Centrex Ltd (GCL) said on Wednesday it would list in the United States by merging with a blank-check firm in a deal that values the Singapore-based video game distributor at $1.2 billion.

Special purpose acquisition companies (SPACs) have largely fallen out of favor following a bumper 2020, after they drew intense scrutiny from the U.S. Securities and Exchange Commission.

The poor stock performance of some companies that went public via a SPAC merger have also dimmed the appeal of such vehicles.

The deal with RF Acquisition Corp could fetch $42.9 million in proceeds for GCL, it said. The companies will also seek alternative financing of up to $20 million.

A SPAC, also called a blank-check firm, uses proceeds from its initial public offering (IPO) to merge with a private firm.

Such mergers can let the private firm sidestep a lengthy IPO process to list its shares on bourses. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)