Topps Going Public through SPAC Merger
The maker of licensed sports trading cards is going public in a reverse merger with a special-purpose acquisition company created by Mudrick Capital, in a deal with a pro forma valuation of $1,163 million. The acquiring entity is Mudrick Capital Acquisition Corp. II which trades as MUDS on the Nasdaq. Topps is currently owned by former Disney chief, Michael Eisner’s Tornante Company, along with PE firm Madison Dearborn Partners. Eisner will remain as chairman as Tornante rolls over its equity, while Madison Dearborn Partners will sell most of its holdings.
Topps revenues were up 23% to $567 million last year from ... Log in to view full article.