Liberty Media Acquisition’s Initial Public Offering


Baker Botts LLP advised Liberty Media Acquisition Corporation on the deal.

Liberty Media Acquisition Corporation (“LMAC”), a newly formed special purpose acquisition company and an indirect wholly-owned subsidiary of Liberty Media Corporation (“Liberty”), filed a Registration Statement on Form S-1 with the Securities and Exchange Commission in connection with a proposed initial public offering of its units. LMAC will be managed by Liberty’s current management team and intends to search for a target in the media, digital media, music, entertainment, communications, telecommunications and technology industries.

The proposed public offering is expected to have a base offering size of $500 million, or up to $575 million if the underwriters’ over-allotment option is exercised in full. Under the terms of the proposed public offering, Liberty, through a wholly owned subsidiary (the “Sponsor”), would own 20% of LMAC’s issued and outstanding common stock upon the consummation of the offering and the Sponsor expects to commit to acquire $250 million of forward purchase units (each consisting of one share of LMAC’s Series B common stock and one-fourth of one warrant to purchase one share of LMAC’s Series A common stock) pursuant to a forward purchase agreement that will close substantially concurrently with the consummation of LMAC’s initial business combination. Liberty’s ownership interest in LMAC will consist primarily of Series B common stock following the consummation of LMAC’s initial business combination, and is initially being attributed to Liberty’s Formula One Group tracking stock.

Citigroup, Morgan Stanley, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering.

The Baker Botts team included Samantha Crispin (Partner, Dallas); Travis Wofford (Partner, Houston), Frederick McGrath (Partner, New York), Beverly Reyes (Partner, New York), Andrew Hwang (Associate, New York), John Kovacs (Associate, New York), Henry Klimowicz (Associate, New York), Tamar Stanley and Peter Farrell.

Involved fees earner: Peter Farrell – Baker Botts; Samantha Hale Crispin – Baker Botts; Andrew Hwang – Baker Botts; Henry Klimowicz – Baker Botts; Jonathan Kovacs – Baker Botts; Frederick McGrath – Baker Botts; Beverly Reyes – Baker Botts; Tamar Stanley – Baker Botts; Travis Wofford – Baker Botts;

Law Firms: Baker Botts;

Clients: Liberty Media Acquisition Corporation;

Author: Ambrogio Visconti