Topps looks to go public in $1.3 billion deal with SPAC

Topps Co. stated it is going to be part of with Mudrick Capital Acquisition Corp., which is able to make a $250 million funding. Different traders embody GAMCO Traders and Wells Capital Administration.

AP |

PUBLISHED ON APR 07, 2021 09:44 PM IST

Sports activities buying and selling card firm Topps is combining with a particular functions acquisition firm in a deal valued at $1.3 billion and looking for a public itemizing.

Topps Co. stated Tuesday that it’ll be part of with Mudrick Capital Acquisition Corp., which is able to make a $250 million funding. Different traders embody GAMCO Traders and Wells Capital Administration.

Former Disney CEO Michael Eisner will proceed as Topps chairman. His agency, The Tornante Co., which purchased Topps in 2007, will roll all of its fairness into the brand new public firm, which is able to preserve the title Topps.

The mixed firm can be led by Michael Brandstaedter, president and CEO of Topps.

The information follows a spate of comparable SPAC offers, together with WeWork lower than two weeks in the past.

Topps, which sells buying and selling playing cards, stickers and albums and buying and selling card video games, has quite a few sports activities companions, together with Main League Baseball, Main League Soccer, UEFA, Bundesliga, the Nationwide Hockey League and Method 1. It additionally has offers with Disney and World Wresting Leisure. The 80-year-old firm had gross sales of $567 million final yr.

The deal is predicted to shut late within the second or early within the third quarter, topic to approval from Mudrick shareholders. It is going to stay listed on the Nasdaq however may have the brand new ticker image, “TOPP.”

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