Jam City plans to List In $1.2 Billion SPAC Deal

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Date: 02.06.2021

Jam City Inc., the developer behind mobile games including “Cookie Jam” and “Disney Pop Town,” has agreed to go public in a deal with a blank-check company.

As part of the transaction, Jam City is acquiring Montreal-based game publisher Ludia Inc., which confirmed an earlier Bloomberg News report. The two companies will combine with DPCM Capital Inc., the special purpose acquisition company set up by a former Uber Technologies Inc. executive, Jam City said in the statement.

The combined company will have a valuation of $1.2 billion including debt, the statement shows.

Jam City projects that by 2023 it will produce $1 billion in booking revenue after the combination with Ludia and the SPAC, up from $471 million in 2019, an investor presentation showed.

Jam City was founded in 2010 by DeWolfe, a MySpace co-founder as well as its former CEO. Culver City, California-based Jam City has a multiyear game development agreement with Walt Disney Co., along with its in-house offerings.

Based on: Bloomberg

#News #IPO #ICO #JamCity #Wcryptn.com

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