Enjoy Technology and Marquee Raine Acquisition announced today that they entered into a definitive merger agreement for approximately $460 million in cash.
The transaction values the combined company at an implied pro forma enterprise value of approximately $1.2 billion.
The transaction is expected to deliver up to $454 million to Enjoy, consisting of approximately $374 million of cash held in Marquee Raine’s trust account and $80 million through a PIPE priced at $10 per share.
Before giving effect to any redemptions by the public stockholders of Marquee Raine, Enjoy shareholders will own approximately 67 percent of the combined business, including options and warrants, Marquee Raine public shareholders will own approximately 23 percent, private placement investors will own 5 percent and Marquee Raine’s sponsor will own 5 percent.
Pending shareholder approval, upon closing the combined company will operate as Enjoy Technology, Inc. and its common stock will be listed on the Nasdaq stock exchange under the ticker symbol ENJY.
Enjoy is a technology-powered platform reinventing “Commerce at Home” to bring the store directly to the customer. The company was launched by former Apple executive Ron Johnson.
Marquee Raine is sponsored by an affiliate of The Raine Group, a TMT-focused advisory and investment platform, and affiliates of Marquee Sports Holdings, a sports, media, entertainment and hospitality company led by the Ricketts family. Read more.
