Allwyn Entertainment and Cohn Robbins Holdings today announced that PPF Group, which currently owns approximately 4 million shares of the SPAC, has agreed to purchase up to an additional 26 million Allwyn shares at $10 each as a backstop supporting the SPAC-Allwyn merger.
In exchange for its commitment to provide the backstop, PPF Group will receive up to an additional 4 million class B shares in Allwyn. If PPF Group purchases the maximum number of shares under the backstop, it would become an approximately 4.99% shareholder in the combined entity.
PPF Group is an international investment firm with about €42 billion in assets and operations in 25 countries.
The SPAC has scheduled a Sept. 7 meeting for shareholders to vote on the deal. Announced in January, the deal includes $828 million of cash in the SPAC’s trust and a $350 million PIPE. Read more.
