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Redbox to Go Public via Merger With SPAC Seaport Global
- Client News
- May 17, 2021
Paul, Weiss is advising Redbox, a leading multiplatform destination for new-release movies and entertainment, in its combination with Seaport Global Acquisition Corp., a special purpose acquisition company. As a result of the transaction, Redbox will become a publicly traded company valued at $693 million. All existing shareholders, including funds managed by affiliates of Apollo Global Management, Inc., will roll over 100% of their equity in Redbox. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.
The transaction will be funded by a combination of Seaport’s cash held in trust; the full equity rollover from existing Redbox shareholders; and proceeds from a fully committed PIPE (private investment in public equity) of $50 million led by Ophir Asset Management. Further support will be provided by strategic investors, including Lionsgate, Legendary Entertainment, Screenvision and Hollywood film producer Basil Iwanyk.
The Paul, Weiss team includes, among others, financing partners Gregory Ezring, Danielle Penhall and Mark Wlazlo; securities partner Brian Janson; tax partners Lindsay Parks and Brad Okun; intellectual property partner Charles Googe; executive compensation partner Lawrence Witdorchic; real estate partner Peter Fisch; and litigation counsel Steven Herzog.