Herzog acts for Playstudio in huge SPAC merger in mobile gaming sector
Playstudio Co., Ltd. has become a public company through a merger with a SPAC.
The award-winning mobile-gaming developer has merged with Acies Acquisition Corp. in a deal that put the company’s value at USD 1.1 Billion. This is the first time a company in this sector that used the option of SPAC to go public.
Playstudio Chairman, Jim Murren said: “The deal is one of many in the game industry where competitors are taking advantage of the popularity of games during the pandemic to raise more money or acquire companies.”
Playstudios will wind up with a war chest of USD 290 million after the deal, which also includes a private investment in public equity deal (PIPE).
Playstudio was represented by Herzog partners Gil White, Ron Ben-Menachem, Guy Katz and Shachar Porat.
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