Kirkland & Ellis advises The Topps Company, Inc., a global leader in sports and entertainment collectibles and confections, in its definitive agreement for a business combination with Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS), a publicly traded special purpose acquisition company. Upon closing of the transaction, the combined company will remain listed on NASDAQ under the new ticker symbol “TOPP.”
The transaction implies a pro forma enterprise value for The Topps Company of approximately $1.3 billion. It is anticipated to generate gross proceeds of up to approximately $571 million of cash, assuming no redemptions by the public stockholders of MUDS. This additional capital will be used to purchase shares from existing Topps shareholder Madison Dearborn Partners, which intends to sell the majority of its ownership position, and to fund transaction related fees and expenses.
The Kirkland team was led by corporate partner Aisha Lavinier, and included capital markets partners Bob Hayward and Elisabeth Martin and associate Ashley Sinclair, corporate associate Rebecca Hart and partner Richard Campbell.