There was a reverse merger yesterday which is essentially a reverse IPO as well. A special purpose acquisition company, or SPAC, called Victory Acquisition Corp. (AMEX: VRY) announced that it was acquiring an operating company called TouchTunes Corp.
TouchTunes is a provider of out-of-home interactive entertainment networks in North America. Victory Acquisition is a Jackson,Wyoming-based company which has been looking for a deal for more than 18 months. The deal was valued at roughly $330 million, plus an assumption of another $40 million worth of debt.
Victory Acquisition came public a long time ago and was one of the SPAC’s facing the cut-off date where a do or die was approaching. It traded at $9.35 when it came public on June 1, 2007. It has been one of the few strong stocks in recent months. Shares today sit at $9.90 and its market cap is $335 million.
TouchTunes is an out-of-home interactive entertainment network, providing innovative music, game, and media solutions to more than 35,000 bars, restaurants, retailers and other businesses in North America that is said to be three times larger than any competitor. The company is controlled by VantagePoint Venture Partners.
Jon C. Ogg
March 25, 2009
Top Gaining Stocks
Top Losing Stocks