Paul Hastings LLP advised Jefferies on the deal. Kirkland & Ellis advised The Topps Company, while Weil advised Mudrick Capital Acquisition Corporation II.
Jefferies acted as lead placement agent for a PIPE transaction for the business combination between The Topps Company, Inc. and Mudrick Capital Acquisition Corp. II (MUDS) that values Topps at $1.3 billion.
Former Disney CEO Michael Eisner will remain chairman of Topps’ board of directors, and Michael Brandstaedter will continue to lead Topps as president and CEO. The board of directors is expected to be joined by Jill Ellis, coach of the U.S. Women’s 2013 and 2019 FIFA World Cup champions, Maria Seferian, general counsel of Hillspire LLC, Marc Lasry, co-owner of the Milwaukee Bucks and co-founder of Avenue Capital Group, and Andy Redman, president of The Tornante Company.
The pro forma implied equity value of the combined company is $1.3 billion at the $10.15 per share PIPE price, assuming no redemptions by the public stockholders of MUDS. Upon closing of the transaction, which is expected in late second or early third quarter, the combined company will be named Topps and remain listed on NASDAQ under the new ticker symbol “TOPP.”
Founded in 1938, The Topps Company, Inc. is a global consumer products company that entertains and delights consumers through a diversified, engaging, multi-platform product portfolio that includes physical and digital collectibles, trading cards, trading card games, sticker and album collections, memorabilia, curated experiential events, gift cards and novelty confections.
Mudrick Capital Acquisition Corporation II is a publicly traded SPAC sponsored by Mudrick Capital. MUDS 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.
The Paul Hastings team that advised Jefferies was led by partners Frank Lopez and Jonathan Ko, and included of counsel James Shea, and associate Mia Seder.
Kirkland & Ellis advised The Topps Company with a team led by corporate partner Aisha Lavinier (Picture), and included capital markets partners Bob Hayward and Elisabeth Martin and associate Ashley Sinclair, corporate associate Rebecca Hart and partner Richard Campbell.
The Weil team advising Mudrick Capital Acquisition Corporation II was led by Mergers & Acquisitions partner Jackie Cohen and includes Mergers & Acquisitions counsel Dov Kogen and Mergers & Acquisitions associates Chukwudi Udeogalanya and Matthew Reiser (Not Yet Admitted in New York). The team also includes Private Equity partner Christian Tappeiner; Private Equity counsel Konrad von Buchwaldt and Julian Schwanebeck; Private Equity associate Khatera Zuschlag; Executive Compensation and Benefits Head Paul Wessel; Executive Compensation & Benefits associate Radhika Tahiliani; Tax Head Joseph Pari; Tax partner Graham Magill; Tax associate Charlie Roarty; Capital Markets partner Faiza Rahman; Technology & IP Transactions Head Michael Epstein; Technology & IP Transactions counsel Caroline Geiger; Technology & IP Transactions/Privacy associates Robert Brown, Rami Sherman, Caleb Small and Mirish Shah (Not Yet Admitted in New York); Environmental Head Annemargaret Connolly; Regulatory Transactions counsel John O’Loughlin and Timothy Welch; Real Estate counsel Robert Shmalo; Real Estate associate Karen Luo (Not Yet Admitted in New York); Banking & Finance partner Damian Ridealgh; Banking & Finance associate Alicia Shen; Public Company Advisory Group partner Lyuba Goltser; Antitrust partner Vadim Brusser; and Employment Litigation associate Omar Abdel-Hamid (Not Yet Admitted in New York).
Involved fees earner: Richard Campbell – Kirkland & Ellis; Rebecca Hart – Kirkland & Ellis; Robert Hayward – Kirkland & Ellis; Aisha Lavinier – Kirkland & Ellis; Elisabeth Martin – Kirkland & Ellis; Ashley Sinclair – Kirkland & Ellis; Jonathan Ko – Paul Hastings; Frank Lopez – Paul Hastings; James Shea – Paul Hastings; Omar Abdel-Hamid – Weil, Gotshal & Manges; Robert Brown – Weil, Gotshal & Manges; Vadim Brusser – Weil, Gotshal & Manges; Jackie Cohen – Weil, Gotshal & Manges; Annemargaret Connolly – Weil, Gotshal & Manges; Michael Epstein – Weil, Gotshal & Manges; Caroline Geiger – Weil, Gotshal & Manges; Lyuba Goltser – Weil, Gotshal & Manges; Dov Kogen – Weil, Gotshal & Manges; Graham Magill – Weil, Gotshal & Manges; John O’Loughlin – Weil, Gotshal & Manges; Joseph Pari – Weil, Gotshal & Manges; Faiza Rahman – Weil, Gotshal & Manges; Damian Ridealgh – Weil, Gotshal & Manges; Charlie Roarty – Weil, Gotshal & Manges; Julian Schwanebeck – Weil, Gotshal & Manges; Alicia Shen – Weil, Gotshal & Manges; Rami Sherman – Weil, Gotshal & Manges; Robert Shmalo – Weil, Gotshal & Manges; Caleb Small – Weil, Gotshal & Manges; Radhika Tahiliani – Weil, Gotshal & Manges; Christian Tappeiner – Weil, Gotshal & Manges; Chukwudi Udeogalanya – Weil, Gotshal & Manges; Konrad von Buchwaldt – Weil, Gotshal & Manges; Timothy Welch – Weil, Gotshal & Manges; Paul Wessel – Weil, Gotshal & Manges; Khatera Zuschlag – Weil, Gotshal & Manges;