Ex-Commerzbank CEO Blessing's SPAC to buy Azerion Holding

Azerion NV

13/12/2021 08:09

Dec 13 (Reuters) - The blank-cheque company run by former
Commerzbank chief executive Martin Blessing said on Monday it
has agreed to merge with Dutch digital entertainment platform
Azerion in a deal that would value it at up to 1.39 billion
euros ($1.57 billion).
    Amsterdam-listed EFIC1  EFIC1.AS , said on Monday that it
will buy 100% of the issued and outstanding share capital of
Azerion.
    Azerion will receive 405 million euros as part of the deal,
with 313 million euros of the proceeds used to pursue deals and
invest in organic growth. 
     "Having worked extensively with Azerion’s management over
the last six months, we believe we have found exactly the asset
we were looking for," Blessing said in a statement. 
    Azerion currently generates revenue from selling digital
advertisements and in-game purchases on its gaming platforms. 
     The deal is expected to be completed in February next year.
    Amsterdam has seen the most listings of special purpose
acquisition companies (SPACs) among European financial centres,
but until recently few have publicly identified acquisition
targets. Last week another Amsterdam-listed SPAC, Odyssey,
announced it was to buy Britain's BenevolentAI in the biggest
deal by a European blank cheque vehicle.  urn:newsml:reuters.com:*:nL8N2SR4EC    
    ($1 = 0.8857 euros)

 (Reporting by Anait Miridzhanian
Editing by Rachel Armstrong)
 ((Anait.Miridzhanian@thomsonreuters.com; +48 58 769 66 05;))