(Reuters) – Playboy Enterprises Inc said on Thursday it has agreed to go accessible by amalgamation with blank-check accretion aggregation Mountain Crest Accretion Corp MCAC.O in a accord that ethics the buyer of Playboy annual at $413 million, including debt.
FILE PHOTO: Playboy bunnies affectation during the aperture commemoration of the Playboy Cancun bank December 4, 2010. REUTERS/Henry Romero/File Photo
The alliance will accomplish Playboy a about traded aggregation again, nine years afterwards it went clandestine in a $207 actor accord led by its backward founder, Hugh Hefner, and clandestine disinterestedness abutting Rizvi Traverse Management.
It is the latest archetype of a consumer-facing aggregation opting to go accessible by amalgamation with a alleged appropriate purpose accretion aggregation (SPAC) rather than through a acceptable antecedent accessible offering, afterward the brand of sports action belvedere DraftKings Inc DKNG.O.
As allotment of the transaction, Mountain Crest will advertise $50 actor of its accepted banal to institutional investors.
Shares of Mountain Crest were collapsed on Thursday.
Last month, Reuters appear Playboy’s affairs to go accessible and that it was advancing a accord with Mountain Crest.
The accord is accepted to abutting in the aboriginal division of 2021, afterwards which the company’s banal will be listed on the Nasdaq beneath the ticker “PLBY.” Playboy’s absolute shareholders will absorb ascendancy of 66% of the company.
Playboy Chief Executive Ben Kohn said in an account the brand’s backbone provides the foundation for a licensing business with abiding acquirement streams, and that aggregation sales are assertive to access by 68% this year.
“This business is abundant added like a SaaS business than a sales organization,” said Kohn, abacus its licensing acquirement will hit $57 actor this year and that over 70% of the acquirement abutting year has been bound in.
Software as a account (SaaS) model, in which software is accountant on a cable basis, has been well-received by investors, with aerial multiples accomplished by companies that went accessible this year, including Snowflake Inc SNOW.N and Shopify Inc SHOP.TO.
The aggregation affairs to use gain of the accord to aggrandize into the animal wellness amplitude and to access customer brands and platforms.
A SPAC uses basic aloft through an antecedent accessible alms to buy a clandestine company, usually aural two years.
Playboy’s Kohn said the Mountain Crest SPAC, which aloft $50 actor in an antecedent accessible alms beforehand this year, stood out as it has no warrants outstanding, acceptation the concoction will be limited.
Reporting by C Nivedita in Bengaluru and Krystal Hu in New York; Editing by Krishna Chandra Eluri and Matthew Lewis
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