SUBSPAC

I’ve Got The Travel Bug Again

The Daily Dish (7/02/21)

Travel Company Goes Public in $1.1 Billion SPAC Deal 

Denver Based Travel company Inspirato is planning its debut on Wall Street after announcing an SPAC merger with Thayer Ventures Acquisition Corp, with the deal valuing the company at around $1.1 billion. The company is planning to list on Nasdaq with the ticker symbol ‘ISPO’. 

Inspirato, which was found in 2011, leases around 400 properties around the world, with over 18,000 members including Vail, Aspen and Telluride and has partnerships with hotels around the world. When the pandemic halted vacations last year, it had to lay off 20% of its work force. 

Despite the pandemic, the company saw a 30% increase in booking activity year over year and expects to exceed $200 million in annual recurring revenue by the fourth quarter of 2022.

The transaction with Thayer Ventures Acquisition is expected to close in the fourth quarter this year and will net the company $260 million in cash, which will fuel the company’s growth.


Private Equity Firm TPG Considering SPAC Merger 

Private Equity Giant TPG, is considering an SPAC Merger with the deal valuing the firm at around $10 billion. TPG has looked at listing through an IPO in the past, but decided against it. 

TPG, which is founded by by Jim Coulter, has focused on fast growing social and environmental investment businesses. The company has invested in growth companies such as Uber, Spotify, Airbnb and Survey Monkey. 

In February, TPG struck a deal to pay AT&T Inc $1.8 billion for 30% ownership in a new video business that would hold DirecTV, AT&T TV and U-Verse. The transaction values the new business at $16 billion. 


Game Developer Sees Revenues Jump Ahead of SPAC Listing 

Video Game Developer Nexters Global which expects to list on the Nasdaq through an SPAC merger, saw revenues in the first quarter jump by 48%.

The company entered into an agreement with Kismet Acquisition One Corp, valuing the firm at $1.9 Billion. 

The developer behind popular games Hero Wars and Throne Run has seen sales rise during the pandemic. Revenues grew by 48% in the first quarters, with bookings up 15% to $113 million. 

Kismet listed on Nasdaq in August 2020, raising $250 million, with the aim of investing in telecoms, technology, consumer goods and services.

Kismet said it would invest an additional $150 million in Nexters, which is one of Europe’s top five independent game developers. 


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