Iso Acquisition filed an S-4 and preliminary proxy on its proposed merger with Bowlero, the world’s largest operator of bowling centers as well as owner of the Professional Bowlers Association.
The pro forma implied enterprise value of the combined company would be approximately $2.6 billion.
If approved, upon closing Bowlero stock and warrants are expected to trade on the NYSE under BOWL and BOWL WS.
A $450 million fully committed PIPE consisting of convertible preferred and common stock has been secured in consideration for $345 million in cash and $105 million of investment management company Atairos’ existing equity in Bowlero, anchored by investors including funds managed by affiliates of Apollo Global Management, Brigade Capital Management, Soros Fund Management, The Donerail Group and Wells Fargo Asset Management. The perpetual convertible preferred stock has a 5.5% dividend and a conversion price of $13, and mandatorily converts into common stock after two years if the common share price is at least $16.90. Read more.
