Reggie Fils-Aimé and United Talent Run $ 200 Million Gaming and Entertainment SPAC


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UTA Acquisition Corp. plans to raise $ 200 million in public funds for a Special Purpose Acquisition Company (SPAC) led by former Nintendo of America CEO Reggie Fils-Aimé and other executives from United Talent Agency, a large representation of talent, entertainment and athletes. .

The fund shows how warm the environment for gaming transactions still is. So far this year, investors have invested $ 71 billion over the past nine months in acquisitions, investments and public game offerings, according to Drake Star Partners.

PSPC is a way to merge a private company with a public company to streamline the normally lengthy process of an initial public offering (IPO). Private companies can use a PSPC to raise funds quickly, and game companies have taken advantage of this process during the pandemic, which has bolstered the values ​​of game companies.

Fils-Aimé rose to fame as a senior Nintendo executive, serving from 2003 to 2019. But since leaving Nintendo, he has kept his close ties to gaming and business as a resident leader in the game. Cornell University and board member of Brunswick Corp., GameStop (until recently) and Spin Master.

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UTA Acquisition Corp. will sell 20 million shares at $ 10 per share. As a “blank check” company, UTA will not know in advance who it will merge with. But he said his goal was to find a target private company in the gaming, digital media, creative economy, entertainment and tech industries.

Although SPACs have been active this year, they present certain risks in a stock market with constantly fluctuating prices. Jam City scuttled its plans for a SPAC as investors and the company disagreed on the overall desirability. SPAC will trade under the symbol UTAA.

Fils-Aimé will be president of UTA Acquisition. Clinton Foy, a venture capitalist at UTA and an executive at Square Enix, will be co-CEO; former Google business development director Jamie Sharp will be co-CEO; Ophir Lupu, head of video games at United Talent Agency, will be president; and Chris Jefferis of United Talent Agency will be CFO.

Fils-Aimé has helped bring the Nintendo DS, Wii, Nintendo 3DS, Wii U, and Nintendo Switch to the global market. In October 2019, he was inducted into the International Video Game Hall of Fame. But obviously he wasn’t ready to retire yet.

And Kathy Vrabeck is a director at UTA Acquisition Corp. She is the Chief Strategy Officer of The Beachbody Company, where she is responsible for prioritizing and driving strategic growth initiatives, human capital allocation, mergers and acquisitions, and integration efforts.

It will be interesting to see which private company they plan to take on the stock market.

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