Prime Focus World N.V. entered into a entered into a letter of intent to acquire Sports Ventures Acquisition Corp. from AKICV LLC, Empyrean Capital Overseas Master Fund, Ltd. managed by Empyrean Capital Partners, LP, Glazer Capital, LLC, HGC Investment Management Inc., Citadel Advisors LLC and others for $1.3 billion in a reverse merger transaction.
The transaction is subject to approval by stockholders of Prime Focus World and Sports Ventures, expiration or termination of any waiting period under applicable regulatory laws, governmental authority, at least 75% of the common equity financing committed by parties other than affiliates of the Sponsor or Novator shall have been consummated, debt financing, SVAC have at least $5 million of net tangible assets and available cash equal or greater to $350 million upon closing, receipt of approval for listing on Nasdaq the shares of SVAC Class A ordinary shares and other customary closing conditions. The transaction has been unanimously approved by both the Board of Directors of Sports Ventures and the Board of Directors of DNEG. The transaction is expected to close in the first half of calendar year 2022. As of March 16, 2022, the transaction is expected to close on or before August 31, 2022. As of May 9, 2022, the transaction is expected to close in the first half of 2022.
J.P. Morgan Securities LLC acted as the exclusive financial advisor and Tal M. Unrad and Michael Andresino, Jeffrey E. Jordan, William D'Angelo, Jonathan P. Bagg, Matthew Berlin, Wilburn L. Chesser, William R. Charyk, Stephen P. Hanson, Julia B. Jacobson, Quana Jew and Jeffrey B. Tate of Arent Fox LLP acted as the legal advisor for Sports Ventures Acquisition Corp. Deutsche Bank Securities Inc. acted as the exclusive financial advisor and Steven B. Stokdyk and Lewis Kneib of Latham & Watkins LLP acted as the legal advisor for Prime Focus World. Continental Stock Transfer & Trust Company acted as transfer agent for Sports Ventures Acquisition. Morgan Franklin Consulting and KPMG acted as due diligence advisors for Sports Ventures. Baker McKenzie LLP acted as tax counsel to Prime Focus World.