SUBSPAC

The Daily Dish (08/31/21)

Pershing Square Buys Additional Stake in Vivendi 

Pershing Square Holdings has committed to buy an additional 2.9% for $1.15 Billion with an Enterprise Value of €35 million.

The purchase follows Pershing purchasing a 7.1% stake in the company for $2.8 Billions and brings the total ownership to 10%.

PSTH, Ackman’s SPAC was originally supposed to acquire a 10% stake of UMG in a $4 Billion transaction but pulled out of the deal in July.

Ackman also announced last month that his SPAC was cancelling the transaction and would be transferring its share purchase agreement to another company. 


Vice Media Abandons SPAC Deal 

Vice Media has ended its SPAC merger with 7GC & Co and has instead decided to raise $85 million from existing investors.

As part of the new deal, co-founder Shane Smith will give up his voting control.

Reports suggested that the SPAC merger valued Vice Media at $2.5 Billion which was 56% less than its peak valuation of $5.7 Billion back in 2017.

The news comes a week after the company announced another round of layoffs in a bid to become profitable.


Slowdown in SPAC Issuance is ‘Good’ for the Industry 

Jonathan Lin, Co-Founder and CEO of SPAC Magnum Opus Acquisition, has said that the slowdown in the issuance of new SPACs is healthy for the market and will help sustain the appetite for the investment vehicle going forward.

Lin also suggested that there was a mismatch in the market dynamics earlier in the year with investors prioritising growth over valuations.

The focus has now shifted to companies that are set to benefit from a post-pandemic recovery with an emphasis on valuations at the centre.

Magnum Opus agreed to merge with Forbes last week in a deal that values the company at $630 million. The deal comes seven years after the company sold a majority stake to Hong Kong-based investment group Integrated Whale Media Investments.


Hospitality and Entertainment SPAC Plans $100 Million IPO 

Alpine Acquisition, a SPAC that’s led by Alpine Consolidated and Two Bit Circus Executives is raising $100 million in the hopes of securing a deal in the hotel, digital entertainment and gaming industry. The SPAC plans to list on Nasdaq under the ticker symbol ‘REVEU’.

The SPAC will be led by Kim Schaefer who currently serves as the CEO of experiential entertainment company Two Bit Circus and Chairman Elan Blutinger, who is the co-founder and managing director of Alpine Consolidated.


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