Business

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

Topps Co. stated it would be part of with Mudrick Capital Acquisition Corp., which is able to make a $250 million funding. Other buyers embody GAMCO Investors and Wells Capital Management.

AP |

PUBLISHED ON APR 07, 2021 09:44 PM IST



Sports buying and selling card company Topps is combining with a particular functions acquisition company 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. Other buyers embody GAMCO Investors and Wells Capital Management.

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 company, which is able to hold the title Topps.

The mixed company might 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 Major League Baseball, Major League Soccer, UEFA, Bundesliga, the National Hockey League and Formula 1. It additionally has offers with Disney and World Wresting Entertainment. The 80-year-old company had gross sales of $567 million final year.

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

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