Digital Virgo Group, a French corporation that operates a digital monetization platform for the entertainment, sports and lifestyle sectors, announced it will list publicly on the Nasdaq stock exchange via a merger with special purpose acquisition company (SPAC) Goal Acquisitions.
The deal including debt is valued at $513 million based on a value of the common stock at $10 per share. The transaction is expected to provide at least $100 million in growth capital to Digital Virgo to execute its growth plans, according to a Thursday (Nov. 17) press release.
The deal is expected to close in the first quarter of 2023, subject to the satisfaction of customary conditions.
“After years of steady growth and profitability, now is the time for us to go public and pursue more rapid growth,” Digital Virgo Chief Executive Officer Guillaume Briche said in the release.
“We’ve resisted previous pushes to go public, but in Goal Acquisitions Corp., we found exactly the right partner,” he said. “Their team not only has the experience in building businesses and advising companies, but also has the global relationships in sports, media, games, and other areas that will allow us to develop new partnerships leading to more rapid customer acquisition.”
Goal Acquisitions Founder and Advisor Alex Greystoke said the deal fits the SPAC’s goals. “When we launched our SPAC, we set out to find a high-quality company led by a first-rate management team operating in the convergence of sports, media, games, and technology,” he said. “Guillaume and the Digital Virgo team certainly meet those criteria and more.”
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As PYMNTS reported in September, around $75 billion worth of SPACs will hit their expiry date by the end of February, placing pressure on managers to close deals before they are obliged to return investors’ money.
Learn more: SPAC Investors Prepare for Surge in Liquidations
Most SPACs have a two-year time limit to acquire a private company before they have to return funds to investors.
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