Mobile-Game Maker Jam City to List In $1.2 Billion SPAC Deal

Jam Metropolis Inc., the developer behind cellular video games together with “Cookie Jam” and “Disney Pop City,” has agreed to go public in a take care of a blank-check firm.

As a part of the transaction, Jam Metropolis is buying Montreal-based sport writer Ludia Inc., in keeping with a assertion Thursday, which confirmed an earlier Bloomberg Information report. The 2 firms will mix with DPCM Capital Inc., the particular goal acquisition firm arrange by a former Uber Applied sciences Inc. govt, Jam Metropolis mentioned within the assertion.

The mixed firm could have a valuation of $1.2 billion together with debt, the assertion reveals.

Practically all gaming firms benefited from the home-entertainment surge in the course of the coronavirus pandemic. With extra individuals caught indoors, the businesses’ consumer bases exploded, and are anticipated to remain excessive whilst life returns to regular. Attracted by the businesses’ explosive progress, investor curiosity in gaming shares has additionally been excessive. Earlier this 12 months, game-maker Roblox Corp. went public by way of a direct itemizing, one other various to an preliminary public providing.

“We’ve confirmed our capability to amass new firms and we’ve confirmed our capability to construct nice cellular leisure experiences in-house,” Jam Metropolis Chief Government Officer Chris DeWolfe mentioned in an interview. “We need to gasoline that progress — we want extra capital to try this, and we want a public forex to try this.”

Jam Metropolis initiatives that by 2023 it can produce $1 billion in reserving income after the mixture with Ludia and the SPAC, up from $471 million in 2019, an investor presentation confirmed.

Upon going public, Jam Metropolis plans to stay acquisitive, DeWolfe mentioned. It’s in fixed dialogue with 30 to 40 firms and plans to make one other acquisition inside a 12 months after the SPAC transaction closes, he added.

Netmarble Led Placement