Entertainment vending company Redbox announced today that it has entered into a definitive agreement to combine with Seaport Global Acquisition. The combined company would have an enterprise value of $693 million.
The transaction will be funded by $145 million of cash in the SPAC’s trust and a fully committed $50 million PIPE led by Ophir Asset Management. Strategic investors include Lionsgate, Legendary Entertainment, Screenvision and Basil Iwanyk, producer of the John Wick series and founder of Thunder Road Films.
Pending regulatory and shareholder approvals, upon closing Redbox common stock is expected to trade on the Nasdaq under RDBX.
All existing shareholders will roll 100 percent of their equity in Redbox, including funds managed by affiliates of Apollo Global Management, which acquired Redbox through the acquisition of Outerwall in September 2016. At closing these existing shareholders will hold approximately 59 percent of the outstanding common stock. Read more.
