Games Global, the leading online gaming industry supplier, is reportedly discussing going public through a merger with a special purpose acquisition company (SPAC) Tailwind Acquisition Corp.
Games Global Reportedly Plans to Go Public through SPAC
If the merger is completed, the new combined company is expected to be valued at more than $3 billion. Earlier this week, Bloomberg revealed that sources, that chose to remain anonymous, have confirmed that Games Global and Tailwind International have signed a letter of intent. With that in mind, the terms of the merger deal are still not set and it is unclear if it will go forward. For the moment, Games Global or Tailwind International have not officially confirmed or rejected the possibility for a merger.
Founded in 2020, Tailwind Acquisition is a blank check company “formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.” During its initial public offering (IPO) last year in February, the company raised $345 million. After that, in March 2021, Tailwind Acquisition proposed to combine with QOMPLX, a cloud-native leader in risk analytics. However, the deal wasn’t completed and in August, the duo revealed that it decided to end the proposed business combination.
Founded in 2021, Games Global Plans to Grow
On the other hand, Games Global was founded last year and it is currently led by Walter Bungo as CEO. Before taking the position of CEO, Bungo used to be a part of International Game Technology (IGT) as executive vice president of business and strategic initiatives. Currently, Games Global features a vast catalog of more than 3,000 games from more than 50 leading studios.
Back in November, Games Global announced that it agreed to purchase Microgaming’s Quickfire distribution business. Back then, the company explained that the deal is subject to regulatory approvals and is expected to be completed in Q2 2022. After that, in December, Games Global strengthened its leadership team by hiring Andrew Booth, Julie Allison, Theo Nicker, and more industry professionals to help propel the business to the storefront of the industry.