Westport’s Isos Acquisition Corp. has announced its merger with Bowlero, the owner of the Professional Bowlers Association and the owner-operator of more than 300 bowling centers in North America.
The pro forma implied enterprise value of the combined company is approximately $2.6 billion.
Isos is a special purpose acquisition company (SPAC) that exists solely to merge with or acquire a privately-owned company with the goal of taking it public without having to enact an initial public offering.
SPACs have become increasingly prominent, with major corporations including United Wholesale Mortgage, Taboola and Beachbody recently becoming publicly traded via SPAC mergers.
Isos currently trades on the NYSE under the ticker ISOS.U. Upon the completion of the merger, the combined entity will be named Bowlero and its common stock and warrants are expected to trade on NYSE under the new ticker symbols BOWL and BOWL WS.
Bowlero’s management team will continue to run the company, which is expected to have a nine-person board composed of a majority of independent directors.
In a press statement, Isos co-CEOs George Barrios and Michelle Wilson said the merger will give Bowlero “even more financial flexibility to execute on organic and inorganic growth plans.”
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July 01, 2021 at 07:08PM
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Westport SPAC Isos Acquisition Corp. merges with Bowlero to take it public - Westfair Online
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