Yucaipa Acquisition shareholdersw voted in favor of merging with SIGNA Sports United, a global sports, e-commerce and technology platform. The deal also includes the acquisition of the WiggleCRC Group, an online bike retailer currently owned by Bridgepoint.
The deal is expected to close today. The transaction is expected to raise at least $484 million from Yucaipa trust proceeds and a fully committed ordinary share PIPE.
Separately, in an 8-K filing, Yucaipa disclosed redemptions of 31,820,685 shares, which wiped out the $300 million the SPAC raised in an August 2020 IPO. However, the SPAC spent much of the last three months shoring up the deal with additional PIPE investments and a $178 million backstop.
Shares of SIGNA Sports United are expected to beging trading on the New York Stock Exchange tomorrow under the symbol SSU. Read more.
