The Daily Dish (7/12/21)

MSP Recovery Announces $32.6 Billion SPAC Deal 

MSP Recovery announced an SPAC merger with Lionheart Acquisition Corp to go public, which values the combined company at a $32.6 billion valuation. At $32.6 Billion, the merger is second in size only to the $40 Billion in April between Grab and Altimeter Growth Corp.

MSP’s deal is also the largest since the SEC said it was considering new rules to protect investors amidst a surge of SPACs being used as capital raising vehicles. 

The SPAC deal is expected to infuse the company with over $230 million in cash. MSP is led by billionaire John Ruiz and specializes in the recovery of Medicare and Medicaid payments.

The company’s platform specializes in identifying and recovering claims which its clients ’should never have paid’. MSP only earns a fee after a successful recovery. 

Michael Eisner is Receiving a Huge Payday for Topps Merger  

Michael Eisner is getting a huge payout from trading card company Topps SPAC merger with Mudrick Capital Acquisition Corp.

The deal is expected to close next month and values the company at $1.6 billion. Eisner, who is best known as being the longtime CEO of Walt Disney, paid around $400 million along with private equity firm Madison Dearborn Partners for Topps in 2007. 

Details from the regulatory filings show that Eisner’s shares are worth over $540 million and has over 86% of the voting power in the company. Eisner has received payouts of over $100 million in the last year through management fees and special dividends.

The rise in Topps valuation from $400 million to $1.6 billion reflects the fact that the collectible industries have experienced a boom through fractional card ownerships and NFTs. 

Peloton Rival Echelon Fitness Considering $1 Billion SPAC Merger  

Peleton Rival, Echelon Fitness is looking into a host of strategic alternatives including an SPAC Merger to reach a valuation of around $1 Billion.

Echelon is backed by Goldman Sachs with Goldman leading a financing round in 2020 for $65 million investment. The company is looking to capitalize in investor interest, even as the pandemic ends. 

The company has tapped an adviser after receiving interest from possible investors and is looking at potential options. These include raising $100 million in fresh funding, a sale or public listing through a merger with an SPAC.

Echelon’s products are carried by companies like Walmart, Target and Costco and projects to do over $200 million in revenues this year.  

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