FC Barcelona, one of the world’s most successful and storied professional football clubs, today announced that it has entered into a definitive agreement with Mountain & Co. I Acquisition to meerge with its content creation platform, Barça Media, at a $1 billion pro forma enterprise value.
Barça Media centralizes the creation, production and commercialization of FC Barcelona’s audiovisual, digital and esports output. The business incorporates substantially all of the digital content the club has produced over the past 20 years.
If approved, upon closing the combined company is expected to list on the Nasdaq under the ticker symbol BRME.
Assuming no redemptions and no further capital raised, it is expected that the closing of the transaction will result in around 80% of the outstanding shares being owned by Barça Media’s existing shareholders, including FC Barcelona, Blaugrana Invest, S.à.r.l., and Libero Football Finance AG. FC Barcelona is expected to own a majority of the shares in Barça Media as a result of the transaction.
There was no mention in the announcement of supplemental financying, beyond the SPAC’s cash in trust.
The SPAC raised $200 million in a November 2021 IPO to focus on the consumer internet and B2B digital infrastructure sectors. However, redemptions ahead of an extension vote in February erased approximately $113 million from the SPAC’s trust, leaving about $128 million.
Key Capital acted as exclusive financial advisor to FC Barcelona. Perez-Llorca acted as lead legal advisor to FC Barcelona and Troutman Pepper Hamilton Sanders was a US legal advisor to FC Barcelona. Sullivan & Cromwell acted as lead legal advisor to Mountain & Co. I Acquisition. Stifel acted as capital markets advisor to Mountain & Co. I. Kirkland & Ellis was legal advisor to Stifel. Read more.
