Mountain & Co. I Acquisition said it amended its agreement to acquire Barça Media, a division of Spanish soccer club FC Barcelona (FCB), which had threatened to pull out of the deal.
The amendment provides that FCB may still terminate the agreement at any time after April 30, if on or before that date the entities have not completed a sale of ordinary shares of Bridgeburg Invest for no less than €40 million or cash proceeds of not less than €40 million have not been provided in escrow, with the only condition to the release of such funds to FCB being the closing of the merger with Mountain & Co. I.
The deal was announced last year with terms calling for a minimum of €50 million to close, later reduced to €40 million. The SPAC presently has more than twice the minimum cash needed to close.
FC Barcelona would keep an 80% stake in Barca Media, while the SPAC would own the remaining 20%.
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. Read more.
