A blank-check company backed by prominent sports executives, including NBA legend Michael Jordan’s former agent, is suing to block French mobile payments company Digital Virgo Group from walking away from their merger.
The lawsuit in Delaware’s Chancery Court seeks a preliminary injunction requiring Digital Virgo to keep the deal with Goal Acquisitions on track pending arbitration of its bid to call off the transaction.
The business combination was valued at $513 million when it was announced in November 2022.
Deal terms with Digital Virgo include approval for listing on the Nasdaq, European electronic money institution approvals, a minimum of $20 million in cash at closing, and the execution of definitive agreements for a $100 million committed capital-on-demand facility. Read more.
