Topps Co. said Tuesday that it would combine with Mudrick Capital Acquisition Corp., which will make a $250 million investment. Other shareholders include GAMCO Investors and Wells Capital Management.
Former Disney CEO Michael Eisner will last as Topps chairman. His company, The Tornante Co., which purchased Topps in 2007, will roll all its equity to the new public company, which will keep the name, Topps.
The combined company will be led by Michael Brandstaedter, president and CEO of Topps.
The news follows a spate of similar SPAC deals, including WeWork less than two weeks ago.
Topps, which sells trading cards, stickers and albums, and trading card games, has numerous sports partners, such as Major League Baseball, Major League Soccer, UEFA, Bundesliga, the National Hockey League, and Formula 1. Also, it has coped with Disney and World Wrestling Entertainment. The 80-year-old company had earnings of $567 million last year.
The deal is expected to close late in the second or early in the third quarter, subject to Mudrick shareholders’ approval. It will stay listed on the Nasdaq but will have the new ticker symbol, ” TOPP”.