The Week In SPAC News: Tailwind Said To Be In Talks To Take Game Global Public

In SPAC news this week, Games Global is said to be in talks to go public through a merger with special purpose acquisition company Tailwind International Acquisition, while Pine Technology Acquisition and Tomorrow.io announced the termination of their merger agreement.

Games Global In Talks to Go Public

Games Global is in talks to go public through a merger with special purpose acquisition company Tailwind International Acquisition (TWNI), Gillian Tan and Aaron Kirchfeld of Bloomberg reported, citing people with knowledge of the matter. Games Global and Tailwind have signed a letter of intent regarding a transaction that values the combined entity at more than $2 billion, a source told Bloomberg.

Tomorrow.io Calls Off Deal to Go Public

Pine Technology Acquisition (PTOC) and Tomorrow.io announced that they have agreed to terminate the previously announced agreement and plan of merger due to market conditions and will not complete their previously announced business combination. Pine Technology intends to continue to pursue the consummation of a business combination with an appropriate target.

Fabless Semiconductor Deal

SatixFy Communications and Endurance Acquisition Corp. (EDNC) announced a definitive merger agreement that will result in SatixFy becoming a publicly listed company. SatixFy is a vertically integrated fabless semiconductor chip company providing products based on its own chipsets across the entire satellite communications value chain.

The transaction has been unanimously approved by the board of directors of Endurance, as well as the board of directors of SatixFy, and is subject to the satisfaction of customary closing conditions, including the approval of the stockholders of Endurance.

The combined entity will receive approximately $201 million from Endurance's trust account, assuming no redemptions by Endurance's public stockholders, as well as $29 million in gross proceeds from institutional investors participating in the transaction via a committed private placement investment including Sensegain Group and Antarctica Capital.

In addition, the company has received a Committed Equity Facility of $75M million from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald. Prior to the announcement of the transaction, SatixFy received $55 million from Francisco Partners in the form of a secured term loan.

Analyst Coverage

Stifel analyst Derrick Whitfield initiated coverage of ArcLight Clean Transition Corp. II (ACTD) -- which has announced a definitive agreement for a business combination that will result in OPAL Fuels becoming a publicly listed company to be listed on the Nasdaq under the new ticker symbol 'OPL' -- with a Buy rating and $24 price target.

He is constructive on RNG fundamentals and believes OPAL is a well-capitalized, vertically integrated RNG operator and dispenser that is "attractively priced," given where shares of its SPAC partner are trading, Whitfield told investors.

SPAC IPOs This Week

  • Nubia Brand International (NUBI) opened on March 11 at $9.95. The blank check company intends to focus its search on wireless telecommunications companies.
  • Patrial Latin American Opportunity Acquisition (PLAO) opened on March 10 at $10.04. The company intends to focus its search in Latin America and in sectors where Patria has developed investment expertise, including but not limited to healthcare, food and beverage, logistics, agribusiness, education, and financial services.
  • Lakeshore Acquisition II (LBBB) opened on March 9 at $10.01.

Disclosure: None

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