Germany's 468 SPAC to acquire children's entertainment firm Boxine (updated)

Rocket Internet SE

17/06/2021 16:00

(Adds details on deal, context)
    FRANKFURT, June 17 (Reuters) - German blank check firm 468
SPAC  SPACG.DE  said on Thursday it had entered exclusive
negotiations to buy children's entertainment firm Boxine for
about 1 billion euros ($1.2 billion).
    The price is based on a post-money valuation, or the value
after new capital injections from investors.
    468 SPAC, which was set up by German tech entrepreneurs, has
signed a letter of intent that includes raising 100 million
euros through private investment in public equity (PIPE) for
Boxine, it said.
    Boxine is a children's digital media and entertainment
business and features an award-winning, screen-free audio
entertainment system for ages three years and older.
    468 SPAC was founded by entrepreneurs with ties to Berlin
startups incubator Rocket Internet  RKET.H , which produced some
of Germany's leading listed tech firms such as Delivery Hero
 DHER.DE , Zalando  ZALG.DE  and Hellofresh  HFGG.DE .
    468 SPAC's co-founder Ludwig Ensthaler previously worked at
Global Founders Capital, a fund backed by Delivery Hero Chief
Executive Niklas Oestberg and Hellofresh's Dominik Richter.
Another partner Alexander Kudlich was on Rocket Internet's
board.
    Together with Florian Leibert, a U.S.-based software
entrepreneur, the partners launched 468 Capital in 2020. The
fund manages $200 million and has made 28 early-stage
investments, according to Pitchbook.
    They launched 468 SPAC 1 SE, the special-purpose acquisition
company, or SPAC, that they are sponsoring, in April and raised
300 million euros.
    SPACs are shell companies that raise funds in an initial
public offering with the aim of merging with a private company,
which becomes public as a result, providing an alternative to
traditional IPOs.
    468 SPAC's merger with a target company is the third such
deal in Germany after German air shuttle startup Lilium's deal
with Qell  QELL.O  in March and Signa Sports United merger with
Yucaipa  YAC.N  last week.  urn:newsml:reuters.com:*:nL8N2LS0K3  urn:newsml:reuters.com:*:nL2N2NT07Q
($1 = 0.8378 euros)

 (Reporting by Arno Schuetze; Editing by Christoph Steitz and
Edmund Blair)
 ((arno.schuetze@thomsonreuters.com; +49 30220133648;))