via a SPAC merger with Mountain Crest Acquisition, adding to the SPAC craze that has taken off in 2020.
The late founder of Playboy, Hugh Hefner, had taken the magazine company private in 2011 with the help of private equity. The merger is valued at $381 million, including net debt outstanding of $142 million. Playboy is set to receive more than $100 million in cash in the deal, which will be used to fund Playboy's growth plans.
The deal has been approved by the boards of both Playboy and Mountain Crest Acquisition, and is expected to close in the first quarter of 2021. According to the company, Playboy is projecting year-over-year growth of 68% in adjusted revenue and 106% in adjusted Ebitda in 2020. Additionally, the company has over $400 million in cash flows contracted through 2029. Learn more about theStart your day knowing what traders are talking about.
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